Oman’s public revenues decreased slightly by the end of May this year, totalling RO5.075 billion, which is a 7% drop from the RO5.463 billion reported during the same period in 2023. This decline is mainly due to reductions in both oil and non-oil revenues.
According to the monthly performance bulletin compiled by the Ministry of Finance (MoF), net oil revenues decreased by 2%, amounting to RO2.74 billion compared to RO2.81 billion at the end of May 2023. The average oil price during this period was US$82 per barrel, with an average daily production of 1.6 million barrels.
Additionally, net gas revenues experienced a significant decline of 24%, dropping to RO763 million from RO1.03 billion in the same period in 2023. This decrease is attributed to a change in the methodology for collecting gas revenues, as reported by the MoF.
The entire amount of current revenues collected up to the end of May in this year was RO1.562 billion, down from RO1.644 billion in the same period in 2023, a loss of RO82 million.
Oman government spending up to May 2024 was almost RO4.724 billion, a decrease of RO158 million, or 3%, from RO4.882 billion during the same time in 2023. By May 2023, the civil ministries’ current spending was RO3.34 billion, down RO25 million from RO3.365 billion.
Ministries and civil entities spent RO430 million on development, or 48% of the RO900 million development budget allotted for the year.
From RO678 million during the same period in 2023 to RO754 million, an 11% rise in total contributions and other expenses was made. Up to May of this year, support for the transportation sector, petroleum products, and social protection system totalled about RO30 million, RO137 million, and RO233 million, respectively.
In addition, RO166 million in transfers were made at this time to pay off debt.