• Oman

    • Oman’s State Public Revenue see 4% rise in Q3 2024

    By on November 17, 2024
    Sohar Industrial City
    Sohar Industrial City

    Muscat: The State’s public revenue by the end of the third quarter of 2024 reached RO 9,198 million, a 4% increase from RO 8,886 million in the same period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

    By the end of Q3 2024, net oil revenue reached RO 5,436 million, a 12% increase from RO 4,838 million in the same period of 2023. The average realized oil price was USD 83 per barrel, with oil production averaging 999,000 barrels per day. This reflects the oil revenue collection and cash flow management methodology of Energy Development Oman (EDO).

    Net gas revenue by the end of Q3 2024 reached RO 1,345 million, a 15% decrease from RO 1,583 million in the same period of 2023, attributed to thechange in the gas revenue collection methodology.

    By the end of Q3 2024, current revenue amounted to RO 2,399 million, a decrease of RO 55 million from RO 2,454 million in the same period of 2023.

    Public spending by the end of Q3 2024 totalled RO 8,722 million, up by RO 627 million, i.e. 8% compared to the same period in 2023.

    Moreover, current expenditure by the end of Q3 2024 reached RO 6,152 million, a decrease of RO 25 million from RO 6,177 million at the end of Q3 2023.

    By the end of Q3 2024, development expenditure of civil ministries and units amounted to RO 840 million, representing 93% of the total development spending, i.e. RO 900 million, allocated for 2024.

    Total contributions and other expenses by the end of Q3 2024 reached RO 1,731 million, a 45% increase from RO 1,197 million in the same period of 2023, primarily due to the social protection system’s implementation.

    Subsidies for the social protection system, electricity, and oil products amounted to RO 419 million, RO 463 million, and RO 197 million, respectively.

    Moreover, RO 300 million was allocated for future debt obligations. By the end of Q3 2024, the Ministry of Finance paid more than RO 916 million to the private sector, reflecting payment vouchers processed through the e-financial system.

    Meanwhile, in Q3 2024, the government maintained public debt at RO 14.4 billion, down from RO 15.7 billion at the end of Q3 2023.

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