Oman’s Budget Records Surplus of Almost $1Bn

Oman’s Budget Records Surplus of Almost $1Bn

Oman's state budget recorded a surplus of $928 million at the end of the first quarter of 2022.

The Finance Ministry announced the surplus would be used to accelerate economic recovery, enhance development expenditure, and reduce the risks of the country's public debt portfolio.

As of the end-first quarter of 2022, public revenue amounted to OMR3.025 billion, up by 66.3 percent compared to the same quarter in 2021, according to the monthly bulletin of the Ministry of Finance.

The monthly bulletin issued by the Ministry of Finance indicated that, until the end of the first quarter of 2022, the state's public revenues increased by 66.3 percent, to a record $8.45 billion compared to $4.3 billion revenues collected in the same period in 2021.

The ministry said net oil revenue was $4 billion at the end of the first quarter, up by 70.2 percent from the same period a year earlier.

The increased oil revenues were driven by a hike in average oil prices, which rose to $78 a barrel, as well as increased oil production at the rate of 1.025 million barrels a day, compared to the average oil price of $45 a barrel for the same period in 2021.

The data showed that Oman also