Muscat: The Sultanate of Oman’s public revenue increased by 22.6% by the end of September 2021 to RO 7,367.6 million compared to RO 6,011.8 million registered by the end of September 2020, said the Ministry of Finance.

Over the past months, the Sultanate of Oman has witnessed some improvement in oil prices, which averaged USD57.4 at the end of the 3rd quarter of 2021, which has raised net oil revenue to RO 3,908.5 million and gas revenue to RO 1,422.0 million.

The current revenues increased by 45.2% at the end of September 2021, totaling RO 2,004.1 million compared to RO 1,380.3 million during the same period in 2020. Non-tax revenue amounted to about RO 1,034.1 million, which included RO 613.3 million of dividends received from various government investments. Additionally, the tax and fees revenue reached RO 969.9 million.

The public spending decreased by 0.74% by the end of the 3rd quarter of 2021 to stand at RO 8,397.6 million compared to RO 8,460.1 million over the same period in 2020.

Moreover, Energy Development Oman (EDO), as of September 2021, became fully operational and accordingly all government obligations related to the oil and gas production expenditure has been transferred to EDO.

The Sultanate of Oman’s deficit decreased by 58% by the end of September 2021 to RO 1,030.0 million compared to RO 2,448.3 million registered at the end of September 2020.