Oman reports $2bn budget surplus despite drop in oil revenues

Oman News Agency

Oman’s general budget registered a surplus of OMR791 million ($2.05 billion) by the end of the third quarter of 2023, compared to a surplus of OMR1.123 billion a year earlier.

The government’s public revenues reached OMR8.89 billion during the nine-month period, down 16 percent, compared to OMR10.57 billion a year ago, state-run Oman News Agency reported citing the finance ministry’s financial performance bulletin.

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Net oil revenue stood at OMR4.84 billion, tumbling 10 percent from OMR5.36 billion in the same period last year. The drop was due to a decline in average oil prices to $81 per barrel, compared to $94 per barrel a year ago.

Net gas revenue reached OMR1.58 billion, dropping 42 percent year on year.

By the end of the third quarter, public spending stood at OMR8.09 billion, a decline of 14 percent year on year.

Current expenditure sank 13 percent to OMR6.177 billion, compared to OMR7.07 billion a year earlier.

The electricity sector and oil product subsidies reached OMR408 million and OMR236 million, respectively.