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Economy

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Oman state budget surplus $2.92 billion by September end: Ministry

The rise in public revenues was mainly due to increase in oil prices and production. (ONA)
By TRENDS Desk
November 7, 2022 6:03 pm
  • The country reported deficit of RO 1.030 billion for the same period last year, the finance ministry said.
  • Oman's public revenues were up by more than 43 percent due to an increase in oil prices and production.

Muscat, Oman—Oman’s budget achieved a surplus of RO 1.123 billion ($2.92 billion) at the end of September 2022, the country’s finance ministry reported in its Fiscal Performance Monthly Bulletin.

For the same period last year, the budget reported a deficit of RO 1.030 billion.

Oman’s public revenue stood at RO 10.567 billion at the end of September 2022, up by 43.4 percent compared to RO 7.368 billion registered over the same period in 2021, mainly due to an increase in oil prices and production, the ministry said.

According to Oman News Agency, Oman oil price (January Delivery 2023) on Monday reached $93.08 per barrel, recording a rise by 84 cents from Friday, which stood at $92.24. The average price of Oman oil (November Delivery 2022) has stabilized at $90.80 per barrel, $6.20 lower than October Delivery 2022.

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