MUSCAT : This decline is attributed primarily to reductions in net gas revenues and current revenues.

According to the financial performance bulletin issued by the Ministry of Finance, net oil revenues increased by 3 percent, reaching RO 3.362 billion by the end of Q2 2024, up from RO 3.257 billion in the previous year. The average oil price stood at about USD 82 per barrel, with average production around 1.003 million barrels per day. This improvement is linked to enhanced oil revenue collection and effective cash liquidity management by the Oman Energy Company.

In contrast, net gas revenues saw a significant decline of about 15 percent, totaling RO 943 million compared to RO 1.115 billion in the same period of 2023. This decrease is due to changes in the methodology for collecting gas revenues.

Current revenues also fell, amounting to RO 1.882 billion by the end of the second quarter of 2024, down from RO 1.962 billion in the same period last year.

Public spending increased by 2 percent, totaling RO 5.806 billion, compared to RO 5.686 billion in the second quarter of 2023. Current expenditures for civil ministries were recorded at RO 4.065 billion, a decrease from RO 4.078 billion in the previous year. Development expenditures for ministries and government units amounted to RO 502 million, representing 56 percent of the allocated RO 900 million for development projects in 2024.

Total contributions and other expenditures reached RO 1.088 billion, a 40 percent rise from RO 775 million in the same period of 2023. This increase is primarily due to the implementation of the social protection system, with support for the electricity sector amounting to RO 280 million, the petroleum products sector receiving RO 259 million, and additional support of RO 153 million. A further RO 200 million was allocated to debt repayment provisions.

Additionally, the Ministry of Finance disbursed over RO 558 million in dues to the private sector through a comprehensive financial system by the end of Q2 2024. The government’s public debt decreased to approximately RO 14.4 billion, down from RO 16.3 billion at the end of Q2 2023.

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