Oman records RO 90 million budget surplus; gas revenues surge 61%
Public debt falls to RO 14.1 billion by September as government revenue growth outpaces spending
Published: 07:11 AM,Nov 11,2026 | EDITED : 11:11 AM,Nov 11,2026
MUSCAT: The Sultanate Oman recorded a budget surplus of RO 90 million in the first nine months of 2026, reversing a RO 433 million deficit a year earlier, as a sharp increase in gas revenues helped strengthen public finances despite higher government spending.
Figures released by the Ministry of Finance on Wednesday showed that total revenues rose 16 per cent to RO 9.828 billion, compared with RO 8.481 billion during the corresponding period of 2025.
Government expenditure increased by 9 per cent to RO 9.738 billion, up from RO 8.914 billion a year earlier. The figures represent a RO 523 million improvement in the fiscal balance, with revenue growth outpacing the rise in expenditure.
Public debt declined to approximately RO 14.1 billion at the end of September, compared with RO 14.7 billion during the same period last year, a reduction of around RO 600 million.
Gas revenues provided the largest boost to government income. Net gas receipts surged 61 per cent to RO 2.088 billion, from RO 1.296 billion a year earlier. The increase of RO 792 million accounted for nearly 59 per cent of the overall rise in public revenues.
Net oil revenues increased by 7 per cent to RO 5.046 billion, compared with RO 4.710 billion during the first nine months of 2025.
The average realised oil price stood at $81 per barrel, while average daily oil production reached 1.102 million barrels.
Together, oil and gas generated RO 7.134 billion, accounting for nearly 73 per cent of total government revenue, highlighting the continued importance of hydrocarbons to Oman’s public finances.
Current revenues also increased by 7 per cent to RO 2.614 billion, compared with RO 2.449 billion in the corresponding period last year.
On the expenditure side, current spending rose by RO 394 million to RO 6.621 billion, from RO 6.227 billion a year earlier.
Development expenditure by ministries and civil government units, including economic transformation projects, reached RO 1.224 billion by the end of September. This represented 94 per cent of the RO 1.3 billion allocated for development spending in the 2026 budget.
Contributions and other expenditure increased by 9 per cent to RO 1.723 billion, compared with RO 1.584 billion during the same period in 2025.
Spending on the social protection system amounted to RO 486 million, while electricity subsidies reached RO 441 million and petroleum product subsidies totalled RO 280 million.
The government also transferred RO 225 million to a provision for debt repayment, while expenditure pending settlement amounted to RO 170 million.
Meanwhile, payments to private-sector companies exceeded RO 1.434 billion during the nine-month period.
The Ministry of Finance said it remained committed to settling private-sector claims received through the government financial system with complete documentation within an average of five working days.
The latest figures show an improvement in Oman’s fiscal position, supported by stronger energy revenues and continued growth in other government receipts. However, the substantial contribution of oil and gas to total revenue leaves public finances sensitive to changes in energy markets._ONA