High crude output allied with a sharp rise in oil prices to allow Oman to record one of its largest budget surpluses in the first 10 months of 2011 despite a sharp rise in expenditure, according to official data.
After registering a deficit of around RO91.2 million ($510 million) in the first 10 months of 2010, the Gulf country’s budget balance turned into a massive surplus of RO830.1 million ($2.15 billion) in the first 10 months of 2011, showed the figures by the Omani ministry of national economy.
The massive surplus was mainly a result of a 60 per cent rise in oil export earnings to nearly RO7.15 from RO4.45 billion due to a sharp rise in crude prices and Oman’s oil production to nearly 882,000 barrels per day from 860,000 bpd in the same period. High oil income boosted the country’s total actual revenue by about 44 per cent to RO9.31 from RO6.44 billion.
After registering a deficit of around RO91.2 million ($510 million) in the first 10 months of 2010, the Gulf country’s budget balance turned into a massive surplus of RO830.1 million ($2.15 billion) in the first 10 months of 2011, showed the figures by the Omani ministry of national economy.
The massive surplus was mainly a result of a 60 per cent rise in oil export earnings to nearly RO7.15 from RO4.45 billion due to a sharp rise in crude prices and Oman’s oil production to nearly 882,000 barrels per day from 860,000 bpd in the same period. High oil income boosted the country’s total actual revenue by about 44 per cent to RO9.31 from RO6.44 billion.
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