MUSCAT: As of the end of April 2024, Oman’s public revenues amounted to more than RO 3.744 billion, marking a decline of 15 per cent compared to RO 4.392 billion in the same period of 2023. This decrease is primarily attributed to a drop in both oil and non-oil revenues.
The financial performance bulletin for the period up to April 2024, issued by the Ministry of Finance, revealed that net oil revenues fell by 3 per cent, totaling RO 2.237 billion, down from RO 2.308 billion by the end of April 2023. The average oil price achieved was $82 per barrel, with average oil production reaching 1.009 million barrels per day.
Net gas revenues also saw a significant decline, decreasing by 38 per cent to RO 565 million by the end of April 2024, compared to the same period in 2023. This drop is attributed to a change in the methodology for collecting gas revenues.
Current revenues collected until the end of April 2024 decreased by approximately RO 234 million, amounting to RO 938 million, compared to RO 1.172 billion collected in the same period in 2023.
Public spending up to the end of April 2024 stood at RO 3.597 billion, a reduction of RO 275 million, or 7 per cent, compared to actual spending for the same period in 2023.
The current expenditures of civil ministries saw a marginal increase of about RO 4 million by the end of April 2024, reaching RO 2.678 billion, compared to RO 2.674 billion in April 2023.
Development expenditures of ministries and civil units amounted to about RO 304 million by the end of April 2024, with a disbursement rate of 34 per cent of the total development liquidity allocated for 2024, which is RO 900 million.
Total contributions and other expenditures surged to about RO 615 million, an increase of 68 per cent compared to RO 365 million recorded in the same period of 2023.
Support for the social protection system, petroleum products, and the electricity sector until the end of April 2024 amounted to approximately RO 186 million, RO 96 million, and RO 83 million respectively. Additionally, transfers to the debt repayment allocation item reached RO 133 million.
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