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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. 

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