Muscat – This decline has been attributed to reduced gas revenues and current revenues.  

The financial performance bulletin issued by the Ministry of Finance today reveals a 9 percent increase in net oil revenues, totalling RO 4.038 billion by July 2024, compared to RO 3.714 billion in 2023. This rise is attributed to an average oil price of $83 per barrel and an average production of 1.2 million barrels per day, reflecting improved oil revenue collection and cash management.

Conversely, net gas revenues fell by 18 percent to RO 1.090 billion riyals, down from RO 1.329 billion in 2023, due to changes in gas revenue collection methods.

Current revenues decreased by RO 120 million to RO 2.012 billion, compared to RO 2.132 billion in the previous year.

Public spending increased by 4 percent to RO 6.754 billion, up from RO 6.481 billion in 2023, driven by higher development spending, contributions, and other expenditures. Current expenditures for civil ministries decreased slightly by RO 28 million to RO 4.808 billion, while development expenditures for ministries and civil units amounted to RO 653 million, achieving 73 percent of the annual development budget.

Contributions and other expenses reached RO 1.243 billion, a 46 percent increase from RO 854 million in 2023. Support for the social protection system, electricity sector, and petroleum products stood at RO 326 million, RO 286 million, and RO 174 million, respectively, by the end of July 2024.