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Oman’s public revenues drop 12% in first quarter

13 May 2024 By OUR CORRESPONDENT

Muscat – Oman’s total public revenues amounted to RO2.826bn in Q1 2024, marking a significant decline of 12% compared to RO3.217bn recorded in Q1 2023. This decrease is mainly due to a decline in net oil and gas revenues and current revenue, according to the Ministry of Finance.

The sultanate’s net oil revenue decreased by 1% to RO1.688bn in Q1 2024 compared to RO1.707bn in Q1 2023, as shown in the ministry’s Fiscal Performance bulletin.

Oman’s average realised oil price stood at $83 per barrel, with average oil production reaching 1.014mn barrels per day, as per the data.

At the end of Q1 2024, the net gas revenue amounted to RO444mn, down by 38% compared to RO720mn in Q1 2023. This decrease is attributed to the deduction of gas purchase and transport expenses from the total revenue collected from Integrated Gas Company, the ministry explained.

The current revenue amounted to RO691mn, down by RO96mn compared to RO787mn in Q1 2023.

On the other hand, Oman’s total public spending decreased by 4% or RO103mn to RO2.664bn during Q1 2024 compared to Q1 2023.

By the end of Q1 2024, the current expenditure of civil ministries amounted to RO1.978bn, a decrease of RO49mn compared to the RO2.027bn registered for the same period in 2023. The development expenditure of ministries and government units amounted to RO200mn.

The total contributions and other expenses rose by 78% to RO486mn in Q1 2024, compared to RO273mn in Q1 2023. This increase is primarily attributed to the implementation of the social protection system, coupled with subsidies for oil products, amounting to RO140mn and RO72mn, respectively, by the end of Q1 2024. Additionally, RO100mn was allocated towards future debt obligations.

By the end of Q1 2024, the Ministry of Finance had repaid over RO206mn to the private sector. This repayment is indicative of the payment vouchers processed through the e-financial system, completing the documentary cycle.

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