Skip to content Skip to Search
Skip navigation

Oman’s budget surplus falls to $1.7bn

Oman's net gas revenue reached OMR1.12bn, declining 36 percent year on year Oman News Agency

Oman has posted a budget surplus of OMR656 million ($1.71 billion) for the end of the first half of 2023, a drop of 16.3 percent compared with OMR784 million a year earlier.

Revenue reached OMR6.34 billion in the first half, down by six percent, compared to OMR6.73 billion in the first half of 2022, the state-owned Oman News Agency reported, citing the finance ministry’s fiscal performance bulletin.

However, net oil revenue during the period stood at OMR3.26 billion, up two percent from OMR3.19 billion over the same period in 2022.

The average oil price was $83 per barrel, while average oil production reached 1.06 million barrels daily. Net gas revenue hit OMR1.12 billion, declining 36 percent year on year.

Public spending amounted to OMR5.69 billion, slipping four percent yearly.

The ministry repaid more than OMR507 million to the private sector. In addition, it repaid more than OMR1.5 billion against public debt by the end of the first half of 2023, reducing the total public debt to OMR16.3 billion.

The ministry did not withdraw from reserves as planned in the first six months due to the generation of additional revenue.

In December, Oman estimated 2023 budget revenue at OMR 11.65 billion ($30.34 billion) and expenditure at OMR 12.95 billion, with a forecast budget deficit of OMR 1.3 billion.

Global ratings agency Moody’s upgraded Oman’s outlook to “positive” from “stable” in October 2022, citing elevated oil prices easing the Middle Eastern nation’s debt position over the next few years.

Earlier this year, Fitch and S&P also revised their outlooks on Oman to positive from stable.

Latest articles

The National Bank of Bahrain says its bitcoin fund will protect investors from losses

Bahraini bank launches Gulf’s first bitcoin investment fund

The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries.  The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […]

2HK6351 Message about discount, fashion blog, modern shopping and cashback, shopping and lifestyle When completed, U Walk Qassim will have capacity for 135 shops

Cenomi Centers sets up fund to complete Qassim mall

Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead.  Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […]

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED 71.5 billion

UAE announces largest-ever budget for 2025

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […]

chicken exports

Gulf’s taste for chicken boosts Brazilian exports

Saudi Arabia and the UAE has helped Brazil record the second-highest volume of chicken meat exports in a single month. Shipments of chicken from Brazil in September increased 17.6 percent to the United Arab Emirates and 5.9 percent to Saudi Arabia. Brazil, the world’s largest supplier of chicken meat, exported 485,000 tonnes in total last […]