Oman Revenues Hit $11.4 Billion, Surplus Stands at $1.3 Billion

Oman Revenues Hit $11.4 Billion, Surplus Stands at $1.3 Billion

Oman’s public revenue at the end of April 2023 registered OR4.39bn ($11.4bn), up by 4 per cent compared to OR4.22bn ($10.9bn) over the same period in 2022.

This is mainly due to an increase in net oil revenue and current revenue, representing 53 per cent and 27 per cent, respectively, of total public revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

Net oil revenue at the end of April 2023 amounted to OR2.31bn ($6.15bn), up by 12 per cent when compared to OR2.06bn registered over the same period in 2022.

This is driven by an increase in average oil price of $84 per barrel and an increase in average oil production to 1,064,000 barrels per day.

Moreover, net gas revenue at the end of April 2023 amounted to OR908m ($2bn), down by 15 per cent when compared to OR1.071bn ($2.8bn) registered over the same period in 2022.