Economy Oman public revenue tops $21bn as oil earnings surge By Pramod Kumar October 11, 2024, 8:07 AM Oman News Agency Net oil revenue reached $12 billion, rising 12%, compared to $10.8 billion a year earlier Oman’s public revenue rose to OR8.1 billion ($21 billion) by the end of August 2024, up 3 percent year on year, thanks to a surge in oil income. Net oil revenue reached OR4.65 billion, rising 12 percent from OR4.15 billion a year earlier, the state-run Oman News Agency reported. The average oil price stood at $83 per barrel, while oil production averaged 1,001,000 barrels per day during the period. However, net gas revenue fell to OR1.21 billion, a 15 percent drop, due to changes in the gas revenue collection methodology. Current revenue reached OR2.23 billion during the period, down 4 percent annually. Public spending stood at OR7.66 billion as of August, a 7 percent increase. Subsidies for social protection, the electricity sector and oil products amounted to OR373 million, OR295 million and OR191 million respectively. About OR266 million was allocated to future debt obligations. Omani banking sector ripe for further mergers Oman must empower SMEs by removing banking barriers Oman to acquire its first national satellite Last month S&P upgraded the sultanate’s credit rating to “BBB-” with a stable outlook, marking Oman’s return to investment-grade status after nearly seven years. Real GDP is anticipated to grow by an average of 2 percent annually between 2024 and 2027, while the current account is projected to record financial surpluses averaging 1.2 percent of GDP, the rating agency said.
