Oman: 12% rise in state’s public revenues by February 2023

Oman: 12% rise in state’s public revenues by February 2023

Muscat: The state’s public revenue by the end of February 2023 amounted to OMR2,148 million, up by 12 percent when compared to OMR1,918 million registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin Published by the Ministry of Finance.

This is mainly attributed to an increase in oil and gas revenues, representing 78 percent of total public revenue, and an increase of current revenue by 51 percent.

Net oil revenue at the end of February 2023 amounted to OMR1,153 million, up by 5 percent compared to OMR 1,094 million achieved over the same period in 2022. This is driven by higher oil prices of $86 per barrel, as well as an increase in oil production to 1,064,000 barrels per day. Furthermore, gas revenue increased to OMR521 million, up by 2 percent when compared to the same period in 2022.

Current revenue at the end of February 2023 increased by OMR160 million, amounting to OMR471 million compared to OMR311 million registered over the same period in 2022.

Public spending at the end of February 2023, amounted to OMR1,776 million, up by OMR68 million, i.e. 4 percent when compared to the same period in 2022. This is mainly due to an