MUSCAT: Oman’s dependence on oil revenue has significantly reduced by 52%, the country’s finance minister said on Wednesday while unveiling the 2025 state budget.
Oman’s public revenues for 2025 are estimated at RO 11.180 billion, calculated on an average oil price of $60 per barrel and a daily production of around one million barrels. “At one time, we were budget dependent on oil at a price of more than $100 per barrel, and now we can cover our expenses at a price of $68 per barrel,” Al Habsi said in response to a question about diversifying sources of income.
“Our dependence on oil as a source of budget financing has decreased by 52%,” the Minister confirmed.
Oil and gas exports have accounted for over 50% of total government revenue for most GCC countries in recent decades. However, revenues have fluctuated significantly with the volatility in global oil prices forcing countries like Oman to focus on more on diversifying into non-oil sectors.
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