Oman's public revenue exceeds OMR9bn

Muscat: Oman’s public revenue by the end of the third quarter of 2024 reached OMR9.19 billion, a 4% increase from OMR8.88 billion 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 OMR5,436 million, a 12% increase from OMR4,838 million in the same period of 2023. The average realised oil price was $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 OMR1,345 million, a 15% decrease from OMR1,583 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 OMR2,399 million, a decrease of OMR55 million from OMR2,454 million in the same period of 2023.

Public spending by the end of Q3 2024 totalled OMR8,722 million, up by OMR627 million, i.e. 8% compared to the same period in 2023.

Moreover, current expenditure by the end of Q3 2024 reached OMR6,152 million, a decrease of OMR25 million from OMR6,177 million at the end of Q3 2023.

By the end of Q3 2024, development expenditure of civil ministries and units amounted to OMR840 million, representing 93% of the total development spending, i.e. OMR900 million, allocated for 2024.

Total contributions and other expenses by the end of Q3 2024 reached OMR1,731 million, a 45% increase from OMR1,197 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 OMR419 million, OMR463 million, and OMR197 million, respectively. Moreover, OMR300 million was allocated for future debt obligations.

By the end of Q3 2024, the Ministry of Finance paid more than OMR916 million to the private sector, reflecting payment vouchers processed through the e-financial system.

Meanwhile, in Q3 2024, the government maintained public debt at OMR14.4 billion, down from OMR15.7 billion at the end of Q3 2023.