Oman’s actual revenues stand at OMR8.5bn in 2020

Oman’s actual revenues stand at OMR8.5bn in 2020

Muscat: The State Budget's closing account, issued by the Ministry of Finance, shows that actual revenues received during 2020 stood at OMR8. 50 billion, less by OMR2. 19 billion or 20. 5 per cent short of the approved budget. The Ministry said in a statement that this decline is due to a 24. 7 per cent slump in oil and gas revenues OMR1. 902 billion, being the difference between the actual average oil price of $47. 6 per barrel and the approved price of $58 set for the 2020 Budget. The actual average oil price achieved in 2020 was $47. 6 per barrel, down by $10. 4, from the price approved for the budget $58 as against $65. 24 average oil price achieved during 2019. The actual rate of oil production stood at 952, 700 a day, compared to 970, 000 approved for the budget, less by 1. 8 per cent. Actual oil revenues during 2020 stood at OMR 5. 79 billion, down by OMR1. 90 billion from approved budget estimates, or less by 24. 7 per cent due to the slump in international oil prices. Net actual oil revenues in 2020 stood at about OMR3, 937. 5 million, compared