MUSCAT : The increase is primarily attributed to a 12 percent rise in net oil revenues, which totalled RO 5.44 billion, up from RO 4.84 billion in 2023. This positive trend comes as Oman’s average oil price hit approximately $83 per barrel, while oil production averaged about 999,000 barrels per day. The boost in oil revenues has been linked to improvements in the methodology used by Oman Energy Development Company for collecting and managing oil revenues.

However, gas revenues showed a decline, falling by 15 percent to RO 1.35 billion by the end of Q3 2024, compared to RO 1.58 billion in the same period last year. This drop was attributed to changes in the methodology for collecting gas revenues.

On the expenditure side, public spending saw an increase of 8 percent, totalling RO 8.72 billion by the end of the third quarter of 2024, compared to RO 8.09 billion in the same period in 2023. Current expenses amounted to RO 6.15 billion, a slight decrease of RO 25 million from the previous year.

Development expenditures for government ministries and civil units were recorded at RO 840 million, with a disbursement rate of 93 percent of the total allocated development funds for 2024.

The government’s contributions to the social protection system, the electricity sector, and petroleum products also increased significantly. By the end of Q3 2024, these contributions amounted to RO 419 million, RO 463 million, and RO 197 million, respectively. Additionally, transfers to the debt repayment provision reached RO 300 million.

In terms of fiscal management, the Ministry of Finance reported that it had paid over RO 916 million in dues to the private sector by the end of Q3, ensuring a complete documentary cycle through the financial system.

Despite rising expenditures, the government successfully maintained the level of public debt, which stood at RO 14.4 billion by the end of September 2024, a reduction from RO 15.7 billion recorded in the same period in 2023.

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