Wednesday 11 / December / 2024
Muscat: Oman state’s public revenue by the end of October 2024 reached OMR10.20 billion, comprising a 4% increase from OMR9.80 billion registered during the corresponding period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.
By the end of October 2024, net oil revenue reached OMR6.02 billion, going up by 11% from OMR5.44 billion in the same period of 2023. The average realised oil price was $83 per barrel, with oil production averaging 999,000 barrels per day. This reflects the oil revenue collection and cash flow management methodology of Energy Development Oman (EDO).
Meanwhile, net gas revenue by the end of October 2024 reached OMR1.52 billion, comprising a 12% decrease from OMR1.73 billion in the same period of 2023, attributed to the change in the gas revenue collection methodology.
Further, current revenue by the end of October 2024 amounted to OMR2,629 million, an increase of OMR21 million from OMR2,608 million in the same period of 2023.
By the end of October 2024, public spending totalled OMR9,684 million, up by OMR714 million, i.e. 8% compared to OMR8,970 million over the same period in 2023.
Current expenditure reached OMR6,860 million by the end of October 2024, constituting a decrease of OMR12 million from OMR6,872 million in the same period of 2023.
Development expenditure of civil ministries and units by the end of October 2024, amounted to OMR992 million, representing 110% of the total development spending, i.e. OMR900 million, allocated for 2024.
Contributions and other expenses by the end of October 2024 reached OMR1,831 million, a 43% increase from OMR1,278 million in the same period of 2023, primarily due to the social protection system's implementation.
Subsidies for the social protection system, electricity, and oil products amounted to OMR466 million, OMR463 million, and OMR201 million, respectively. Moreover, OMR333 million was allocated for future debt obligations.
