MUSCAT : This decline is primarily attributed to reductions in both oil and non-oil revenues.

According to the financial performance bulletin issued by the Ministry of Finance, net oil revenues saw a 2 percent decrease, amounting to RO 2.740 billion compared to RO 2.810 billion in May 2023. The average oil price achieved was USD 82 per barrel, with an average daily production of 1.006 million barrels.

Net gas revenues also experienced a significant decline, dropping by 24 percent to RO 763 million from RO 1.003 billion in May 2023. This decrease is attributed to a change in the methodology for collecting gas revenues.

Current revenues collected until May 2024 decreased by RO 82 million, totaling RO 1.562 billion compared to RO 1.644 billion in the same period last year.

Public spending by the end of May 2024 amounted to RO 4.724 billion, reflecting a 3 percent decrease of RO 158 million from RO 4.882 billion spent during the corresponding period in 2023.

Expenditures of civil ministries totaled RO 3.340 billion, down by RO 25 million from RO 3.365 billion in May 2023.

Development expenditures of ministries and civil units reached RO 430 million as of May 2024, with a disbursement rate of 48 percent of the total allocated development budget of RO 900 million for 2024.

Total contributions and other expenses amounted to RO 754 million, marking an 11 percent increase from RO 678 million in May 2023.

Support for the social protection system, petroleum products, and the transportation sector reached approximately RO 233 million, RO 137 million, and RO 30 million respectively. Additionally, RO 166 million was allocated for debt repayment.

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