Oman sees RO 183 million revenue boost in 2024 driven by oil gains
Oman’s general revenues surged to RO 8 billion and 16 million by the end of August 2024, a rise of RO 183 million from the same period in 2023, largely driven by a 12% jump in net oil revenues.
MUSCAT : The Ministry of Finance’s latest report highlights a notable increase in oil revenues, which totaled RO 4.649 billion by August, up from RO 4.145 billion in 2023. This uptick is linked to higher oil prices, averaging $83 per barrel, and production rates reaching one million barrels per day. The Oman Energy Development Company’s revenue collection methodology and liquidity management were also credited for the boost.
However, while oil revenue surged, net gas revenues dropped by 15%, falling to RO 1.213 billion, down from RO 1.434 billion in the same period last year. The ministry attributed this dip to a shift in the revenue collection process.
Public spending climbed 7% compared to last year, reaching RO 7.659 billion by August 2024, with the most significant spending on civil ministry operations at RO 5.434 billion. Development expenditures hit RO 735 million, marking 82% of the total allocated budget for the year.
Additionally, social protection contributions soared by 58%, reflecting the implementation of the new social protection system. Support for the social protection system, electricity, and petroleum products amounted to RO 373 million, RO 295 million, and RO 191 million, respectively.
Global economic outlooks remained stable, with organizations like the OECD projecting a global growth rate of 3.2% in 2024 and 2025. Locally, Standard & Poor’s upgraded Oman’s credit rating to “BBB-,” citing strong financial management and public debt reduction efforts. The agency anticipates financial surpluses of 1.9% and steady real GDP growth for Oman through 2027.
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