Public revenue stands at over OMR 7 billion

Muscat: At the end of July 2024, public revenue amounted to RO 7,154 million, down by RO 29 million compared to RO 7,183 million registered over the same period in 2023. This is mainly due to a decrease in gas and current revenues.

At the end of July 2024, net oil revenue increased by 9% to RO 4,038 million, compared to RO 3,714 million registered over the same period in 2023, said the fiscal performance bulletin issued by the Ministry of Finance.

The average realized oil price amounted to US$ 83 per barrel and the average oil production reached 1,002,000 barrels per day. This is attributed to the methodology of Energy Development Oman (EDO) for collecting oil revenue and managing cash flow.

At the end of July 2024, the net gas revenue amounted to RO 1,090 million, down by 18% compared to RO 1,329 million collected over the same period in 2023, due to the change in the methodology for collecting gas revenue.

At the end of July 2024, the current revenue amounted to RO 2,012 million, down by RO 120 million compared to RO 2,132 million registered over the same period in 2023.

At the end of July 2024, the public spending amounted to RO 6,754 million, up by RO 273 million, i.e. 4% compared to the actual spending of RO 6,481 million registered over the same period in 2023. This is due to an increase in development spending and contributions and other expenses budget-item.

At the end of July 2024, the current expenditure of civil ministries amounted to RO 4,808 million, down by RO 28 million compared to RO 4,836 million registered over the same period in 2023.

At the end of July 2024, the development expenditure of ministries and government units amounted to RO 653 million, representing 73% of total development spending, i.e. RO 900 million, allocated for 2024.

At the end of July 2024, total contributions and other expenses amounted to RO 1,243 million, up by 46% compared to RO 854 million registered over the same period in 2023.

Social protection system subsidy, electricity sector subsidy, and oil products subsidy amounted to RO 326 million, RO 286 million, and RO 174 million, respectively, by the end of July 2024.