Oman public revenue tops $21b as oil earnings surge

Dubai: Oman’s public revenue reached $21 billion (Dh77 billion) by the end of August 2024, marking a 3 per cent increase from the previous year, primarily driven by rising oil revenues.

Net oil revenue totalled $12 billion (Dh44 billion), up 12 per cent from $10.8 billion (Dh39.6 billion) the year before, according to the state-run Oman News Agency.

The average oil price was $83 (Dh304.86) per barrel, with production averaging 1,001,000 barrels per day during this period.

Conversely, net gas revenue fell to $3.1 billion (Dh11.3 billion), a 15 per cent decline attributed to changes in the gas revenue collection methodology.

Current revenue for the period amounted to $5.8 billion (Dh21.3 billion), a 4 per cent decrease year-on-year. Public spending reached $19.9 billion (Dh73 billion), an increase of 7 per cent.

Looking ahead, real gross domestic product (GDP), which is an inflation-adjusted measure of the value of all goods and services produced in an economy, is projected to grow by an average of 2 per cent annually from 2024 to 2027, while the current account is expected to show financial surpluses averaging 1.2 per cent of GDP.