Friday 04 / July / 2025
Muscat: Oman’s public revenue decreased by 2 percent to OMR6.19 billion at the end of the second quarter of 2024, compared to OMR6.34 billion registered over the same period of 2023. This decrease is mainly attributed to the decrease in net gas revenue and current revenue.
According to the fiscal performance bulletin issued by the Ministry of Finance (MOF) further said that the net oil revenue at the end of second quarter (Q2) of 2024 increased by 3 percent to OMR3.36 billion, compared to OMR3.25 billion registered over the same period in 2023.
The average realised oil price amounted to $82 per barrel and the average volume of oil production reached one million barrels per day (bpd). This is attributed to the methodology of Energy Development Oman (EDO) for collecting oil revenue and managing cash flow.
The net gas revenue at the end of Q2-2024 amounted to OMR943 million, registering a drop by 15 percent compared to OMR1.11 billion registered over the same period in 2023 due to the change in the methodology for collecting gas revenue.
The MOF report further said that the current revenue at the end of Q2-2024 reached OMR1.88 billion, lower by OMR80 million when compared to OMR1.96 billion registered in the same period of 2023.
Meanwhile, at the end of Q2-2024, the public spending amounted to OMR5.80 million, up by OMR120 million, higher by 2 percent when compared to the same period in 2023.
MOF’s report further stated that current expenditure at the end of Q2-2024, of the civil ministries amounted to about OMR4.06 billion, a decrease by OMR13 million compared to OMR4.07 billion at the end of Q2-2023.
At the end of Q2-2024, development expenditure of civil ministries and units amounted to OMR502 million, representing 56 percent of the total development spending allocated for 2024.
The contributions and other expenses at the end of Q2-2024 amounted to OMR1.08 billion, up by 40 percent compared to OMR775 million registered over the same period in 2023. This is mainly due to the implementation of the social protection system.
The subsidies of the social protection system, electricity and oil products amounted to OMR280 million, OMR259 million, and OMR153 million, respectively. Furthermore, an amount of OMR200 million was transferred to future debt obligations budget-item.
By the end of Q2-2024, the Ministry of Finance paid more than OMR558 million to the private sector. This reflects the payment vouchers received through the e-financial system that completed their documentary cycle.
During Q2-2024, the government was able to repay a number of outstanding financial obligations, leading public debt to stand at OMR14.4 billion, compared to OMR16.3 billion recorded at the end of Q2-2023.
