Oman's public revenue touches OMR3.74bn by end of April 2024

Muscat: Oman’s public revenue fell by 15 percent to OMR3.74 billion at the end of April 2024 compared to OMR4.39 billion registered over the same period in 2023. This is mainly due to a decrease in hydrocarbon and non-hydrocarbon revenues, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

At the end of April 2024, the net oil revenue amounted to OMR2.23 billion, down by 3 percent compared to OMR2.30 billion registered over the same period in 2023. The average realised oil price amounted to $82 per barrel and average oil production reached 1.09 million barrels per day.

Net gas revenue at the end of April 2024 amounted to OMR565 million, comprising a decline by 38 percent  compared to the same period in 2023. This is due to the deduction of gas purchase and transport expenses from the total revenue collected from Integrated Gas Company.

Further, current revenue reached OMR938 million at the end of April 2024, declining by OMR234 million compared to OMR1.17 billion registered over the same period in 2023.

At the end of April 2024 public spending amounted to OMR3.59 billion, decreasing by OMR275 million or by 7 percent compared to the actual spending over the same period in 2023.

Current expenditure at the end of April 2024 reached OMR2.67 billion, higher by OMR4 million compared to OMR2.674 billion registered over the same period in 2023.

Meanwhile, development expenditure of ministries and government units amounted to OMR304 million, representing 34 percent of the total development spending, or OMR900 million, allocated for 2024.

Contributions and other expenses at the end of April 2024 amounted to OMR615 million, increasing by 68 percent compared to OMR365 million registered over the same period in 2023.

Social protection system subsidy, oil products subsidy, and electricity sector subsidy amounted to OMR186 million, OMR96 million, and OMR83 million, respectively, by the end of April 2024. Furthermore, an amount of OMR133 million was transferred to future debt obligations budget-item.