Public Revenues in the Sultanate of Oman Exceed OMR 7 Billion by End Of July 2024

Public revenues in the Sultanate of Oman until the end of July 2024 stood at about OMR 7.154 billion, a drop of OMR 29 million compared to the same period in 2023, which amounted to OMR 7.183 billion, mainly due to the decrease in gas and current revenues. The financial performance bulletin issued by the Omani Ministry of Finance Thursday indicated an increase in net oil revenues by the end of last July by 9 percent, amounting to OMR 4.38 billion, compared to collecting OMR 3.714 billion by the end of July 2023. According to Oman News Agency (ONA), the average achieved oil price amounted to about USD 83 per barrel, while the average oil production amounted to 1.2 million barrels per day. The bulletin showed that net gas revenues decreased by the end of last July by 18 percent to reach OMR 1.09 billion , compared to collecting OMR 1.329 billion in the same period in 2023. As for current revenues collected until the end of July 2024, they decreased by OMR 120 million to reach OMR 2.12 billion, compared to c ollecting OMR 2.132 billion in the same period in 2023. Public spending until the end of July 2024 amounted to about OMR 6.754 billion, an increase of OMR 273 million, or 4 percent compared to actual spending in the same period in 2023, which amounted to OMR 6.481 billion, as a result of the increase in development spending and expenditures for the contribution item and other expenses. Source: Qatar News Agency