Oman’s public revenues reach RO 1.958 bn
The total public revenues of the state witnessed a decrease of about 9 per cent until the end of February 2024, recording around RO 1.958 billion, compared to RO 2.148 billion in the same period of 2023; this is mainly attributed to the decrease in net oil and gas revenues.
This was stated in the financial performance bulletin issued by the Ministry of Finance, which clarified that the net oil revenues until the end of February 2024 decreased by 4 per cent, recording about RO 1.102 billion compared to RO 1.153 billion by the end of February 2023, with an average realised oil price of around $86 per barrel and an average oil production quantity of around 1.024 million barrels per day.
The bulletin indicated that the net gas revenues by the end of February 2024 decreased by about 46 per cent, recording around RO 281 million compared to the same period of 2023; this is attributed to a change in the methodology of gas revenue collection.
Current revenues collected until the end of February 2024 increased by about RO 102 million, reaching around RO 573 million compared to the collection of RO 471 million in the same period of 2023; this increase is primarily attributed to receiving profits from the Investment Authority amounting to around RO 200 million, received in January last year.
The total public expenditure by the end of February 2024 amounted to around RO 1.751 billion, decreasing by RO 25 million, or by 1 per cent from the actual spending in the same period of 2023.
Current expenditures for civilian ministries amounted to around RO 1.277 billion, decreasing by around RO 17 million compared to around RO 1.294 billion in February 2023, while developmental expenditures for civil ministries and units amounted to around RO 93 million, with a spending rate of 10 per cent of the total allocated developmental liquidity for 2024, amounting to RO 900 million.
The total contributions and other expenses amounted to around RO 231 million, increasing by 75 per cent, compared to the recording of RO 132 million in the same period of 2023.
Support for the social protection system and oil products until the end of February 2024 amounted to around RO 93 million and RO 44 million respectively, while the transfer to the debt repayment allocated item amounted to around RO 66 million.
The state’s general budget by the end of February 2024 recorded a financial surplus of around RO 207 million compared to a surplus of RO 372 million in the same period of 2023.