Muscat, Oman — Oman’s revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion), compared to 11.86 billion riyals for the same period in 2022.
The financial performance bulletin issued by the Omani Ministry of Finance today indicated that the net oil revenues until the end of last October amounted to 5 billion and 446 million Omani riyals, a decrease of 12 percent, compared to 6 billion and 193 million Omani riyals at the end of October 2022, while the average price of oil achieved by the end of last October was 81 US dollars per barrel, and the average production was about one million and 53 thousand barrels per day.
Net gas revenues until the end of last October decreased by 43 per cent to reach RO 734 million compared to RO 3 billion and RO 51 million at the end of October 2022, due to the change in the methodology for collecting gas revenues according to the financial system of the Integrated Gas Company, which is based on supplying net gas revenues after deducting gas purchase and transportation expenses.
At the end of October 2023, the state budget in Oman recorded a financial surplus of about RO 830 million, compared to a surplus of RO 208 million in the same period of 2022.