MUSCAT: The Sultanate of Oman’s budget surplus has reached its highest level in the past eight years, a new report published by Mays, a British magazine specialising in energy affairs has revealed.

According to the report, Oman’s budget surplus in the second quarter of 2022 amounted to $1.12 billion, recording the highest quarterly figure since 2014 Q1. 

The condition of the oil and gas markets translates to Oman’s economy climbing steadily. The Sultanate recorded a surplus of $2.04 billion in the first half of 2022, compared to a deficit of $2.88 billion in the same period in 2021.

Revenues have risen in all sectors, the total revenues for the first half of 2022 amounted to $17.47 billion — an increase of 54% over the first half of 2021. This is the highest number registered since the first half of 2014. These revenues represented nearly 64% of the projected full-year budget figure of $27.48 billion.

The Omani budget was developed based on a conservative assumption of oil prices, while the International Monetary Fund estimates that Oman only needs a price of $73 per barrel of oil to balance its financial resources for 2022.