Oman’s Budget surplus rises to RO520mn

Oman’s Budget surplus rises to RO520mn

Muscat – Oman’s budget surplus increased to RO520mn during the first four months of 2023, compared to a surplus of RO468mn during the same period of last year, the Ministry of Finance announced on Thursday.

The government will continue utilising the surplus for stimulating economic recovery, enhancing social spending and reducing public debt, the ministry said in its Fiscal Performance bulletin.

The rise in surplus was mainly due to a 12% increase in Oman’s net oil revenue, amounting to RO2.308bn in the January-April period of this year compared to RO2.059bn in the corresponding period of 2022. Higher oil revenue was driven by increased oil prices and higher production, the ministry noted.

The sultanate’s average daily oil production increased 3.2 per cent to 1.064mn barrels per day during the first four months of 2023 compared to 1.031mn barrels per day produced during the same period of 2022.

The average price at which Oman sold its crude oil during the January-April period increased by 5% to US$84 per barrel from US$80 per barrel recorded in the first four months of 2022. Oman’s 2023 budget is based on an average oil price estimate of US$55 per barrel and average oil production of 1.175mn barrels per day.

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