Oman: State Public Revenue Exceeds RO 7 Billion by July 2024

Muscat, September 12 (ONA) — The state’s general revenues until the end of July 2024 amounted to about 7 billion and 154 million Omani riyals, down by 29 million Omani riyals compared to the same period in 2023, which amounted to 7 billion and 183 million Omani riyals; This is mainly attributed to the decrease in gas revenues and current revenues.

The financial performance bulletin issued by the Ministry of Finance today indicated that net oil revenues increased by 9 percent until the end of last July, recording 4 billion and 38 million Omani riyals, compared to collecting 3 billion and 714 million Omani riyals until the end of July 2023.

The average achieved oil price was about 83 US dollars per barrel, while the average oil production amounted to 1.2 million barrels per day. This increase is attributed to the methodology of Oman Energy Company to collect oil revenues and manage cash liquidity. The bulletin indicated that net gas revenues decreased by the end of last July by 18 percent to reach 1 billion and 90 million Omani riyals, compared to collecting 1 billion and 329 million Omani riyals in the same period in 2023 ; This is due to the change in the methodology for collecting gas revenues.

As for the current revenues collected until the end of July 2024, they decreased by 120 million Omani riyals to reach 2 billion and 12 million Omani riyals, compared to the collection of 2 billion and 132 million Omani riyals in the same period in 2023. Public spending until the end of July 2024 amounted to about 6 billion and 754 million Omani riyals, an increase of 273 million Omani riyals, or 4 percent, compared to actual spending in the same period in 2023, which amounted to 6 billion and 481 million Omani riyals, as a result of the increase in development spending, expenditures on the contributions item, and other expenditures.

The current expenditures of civil ministries decreased by about 28 million Omani riyals to reach 4 billion and 808 million Omani riyals, compared to the same period in 2023, which amounted to 4 billion and 836 million Omani riyals. While the development expenditures of ministries and civil units amounted to about 653 million Omani riyals by the end of July 2024, with a disbursement rate of 73 percent of the total development liquidity allocated for the year 2024, amounting to 900 million Omani riyals.

Total contributions and other expenses until the end of July 2024 amounted to OMR 1.243 billion, an increase of 46 percent compared to OMR 854 million in the same period in 2023. Support for the social protection system, electricity sector and petroleum products until the end of last July amounted to 326 million Omani riyals, 286 million Omani riyals and 174 million Omani riyals respectively.