The Sultanate of Oman’s state revenues have surpassed OMR1 billion ($2.6 billion) by the end of January 2024, marking a 3 percent increase compared to January 2023. This growth, primarily driven by a 132 percent surge in current revenues, illustrates the country’s evolving fiscal landscape amidst fluctuations in oil and gas revenues.
The state budget recorded a surplus of OMR85 million by the end of January 2024, a decrease from the OMR145 million surplus Oman recorded by January 2023.
Revenue dynamics
The rise in Oman’s state revenues to OMR1.014 billion by January 2024 reflects a steady trajectory of economic resilience. By the end of January 2024, net oil revenues saw a 1 percent decline at OMR595 million. The average oil price stood at $90 per barrel and Oman’s average oil production stood at 1,040,000 barrels per day. Moreover, net gas revenues saw a 48 percent decline, recording OMR135 million compared to the corresponding period in 2023.
On the other hand, Oman’s collected current revenues increased by OMR161 million, recording OMR283 million by the end of January 2024. This increase is mainly due to the surge in government investments, which amounted to OMR200 million.
Read: UAE government revenues reach $42.45 billion in Q4 2023
Expenditure patterns
Oman’s public expenditures stood at OMR929 million, an 11 percent increase compared to January 2023. Public expenditure of civil ministries stood at OMR680 million, an OMR19 million decrease compared to the same period in 2023. Meanwhile, development expenditures of ministries and civil units stood at OMR19 million, with a spending rate of 2 percent of the total development liquidity allocated for 2024, which reaches OMR900 million.
Oman’s contribution and other expenses amounted to OMR121 million, a 227 percent surge compared to January 2023. Meanwhile, subsidies for the Social Protection System and petroleum products reached OMR47 million and OMR26 million, respectively. In addition, transfers for the loan payment item stood at OMR33 million.
For more news on economy, click here.
