Skip to content Skip to Search
Skip navigation

Oman posts $2.65bn July budget surplus, as revenue rises 53%

Oman News Agency
Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end.

Oman’s general budget posted a surplus of OR 1.019 billion ($2.65 billion) by the end of July 202, compared to a deficit during the same period in 2021, state-owned Oman News Agency reported, citing a Ministry of Finance report.

Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end due to an increase in average oil prices to $89 per barrel from $54 per barrel in the previous year.

Average crude oil production grew to nearly 1,042,000 barrels per day in July 2022 from 954,000 barrels per day in July 2021.

Total oil and gas revenue reached OR 5.883 billion by the end of July, compared to OR 3.574 billion in the same period last year.

The current revenue climbed to OR 2.107 billion, including investment-yielded dividends collected by Oman Investment Authority of nearly OR 584 million by July 2022.

On the other hand, general spending grew by 8.8 percent year-on-year to OR 6.984 billion. 

Latest articles

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

Upstream oil and gas ‘needs more annual investment’

Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […]

Rothschild Saudi

Edmond de Rothschild to run funding vehicle for Saudi projects

The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country.  Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […]

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]