Oman’s public revenues drop 12% in first quarter

Oman’s public revenues drop 12% in first quarter

Muscat – Oman’s total public revenues amounted to RO2.826bn in Q1 2024, marking a significant decline of 12% compared to RO3.217bn recorded in Q1 2023. This decrease is mainly due to a decline in net oil and gas revenues and current revenue, according to the Ministry of Finance. The sultanate’s net oil revenue decreased by […]Muscat – Oman’s total public revenues amounted to RO2.826bn in Q1 2024, marking a significant decline of 12% compared to RO3.217bn recorded in Q1 2023. This decrease is mainly due to a decline in net oil and gas revenues and current revenue, according to the Ministry of Finance.

The sultanate’s net oil revenue decreased by 1% to RO1.688bn in Q1 2024 compared to RO1.707bn in Q1 2023, as shown in the ministry’s Fiscal Performance bulletin.

Oman’s average realised oil price stood at $83 per barrel, with average oil production reaching 1.014mn barrels per day, as per the data.

At the end of Q1 2024, the net gas revenue amounted to RO444mn, down by 38% compared to RO720mn in Q1 2023. This decrease is attributed to the deduction of gas purchase and transport expenses from the total revenue collected from Integrated Gas Company, the ministry explained.

The current revenue amounted