Oman: State budget achieves $376.6mln surplus
The State Budget achieved a surplus of RO 145 million at the of January 2023, compared to a surplus of RO 18 million registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin published by the Ministry of Finance.
Public revenue at the end of January 2023 surged by 22% to reach RO 982 compared to RO 804 million registered over the same period in 2022. This is mainly due to an increase in oil and gas revenues, representing 88% of total public revenue.
Net oil revenue amounted to RO 602 million at the end of January 2023, up by 9% compared to RO 554 million achieved over the same period in 2022. This is driven by higher oil prices of USD 91 per barrel, as well as an increase in oil production to 1,063,000 barrels per day. Furthermore, gas revenue rose by RO 39 million, i.e., 18% compared to the same period in 2022.
Current revenue at the end of January 2023 amounted to RO 122 million, up by RO 91 million when compared to RO 31 million achieved over the same period in 2022.
Public spending at the end of January 2023 amounted to RO 837 million, increasing by RO 51 million, i.e. 7% when compared to the same period in 2022.
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