Economy

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

By Pramod Kumar

November 10, 2023

Oman's net oil revenue stood at OMR4.84 billion, falling 10% year on year — Oman's smaller surplus this year will partially reflect a projected one percent drop in oil output

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.

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.