The state’s public revenue by the end of February 2023 amounted to RO2,148mn, up by 12 per cent when compared to RO1,918mn registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin Published by the Ministry of Finance.

This is mainly attributed to an increase in oil and gas revenues, representing 78 per cent of total public revenue, and an increase of current revenue by 51 per cent.

Net oil revenue at the end of February 2023 amounted to RO1,153mn, up by 5 per cent compared to RO1,094mn achieved over the same period in 2022. This is driven by higher oil prices of US$86 per barrel, as well as an increase in oil production to 1,064,000 barrels per day. Furthermore, gas revenue increased to RO521mn, up by 2 per cent when compared to the same period in 2022.

Current revenue at the end of February 2023 increased by RO160mn, amounting to RO471mn compared to RO311mn registered over the same period in 2022.

Public spending at the end of February 2023, amounted to RO1,776mn, up by RO68mn, i.e. 4 per cent when compared to the same period in 2022. This is mainly due to an increase in current expenditure and contributions and other expenses by RO108mn, while gas purchase and transport expenditure declined by RO132mn as a result of transferring such expenditure to the Integrated Gas Company.

Development expenditure of ministries and government units amounted to RO50mn, representing 6 per cent of total development spending, i.e. RO900mn, allocated for 2023.

Current expenditure of civil ministries at the end of February 2023 amounted to RO643mn, up by RO32mn, compared to RO611mn registered over the same period in 2022.

Total contributions and other expenses at the end of February 2023 amounted to RO133mn, up by 133 per cent, compared to RO57mn registered over the same period in 2022.

Oil products subsidy and water sector subsidy amounted to RO47mn and RO17mn, respectively, by the end of February 2023. Additionally, an amount of RO66mn was transferred to future debt obligations budget-item.

At the end of February 2023, the budget achieved a surplus of RO372mn compared to a surplus of RO210mn registered over the same period in 2022.

During the first quarter of 2023, the Government repaid RO1.1bn against public debt, reducing the total Government debt to RO16.6bn at the end of March 2023.

Moreover, the most significant results of the Medium Term Fiscal Plan 2021-2024 (MTFP) include reducing the fiscal breakeven oil price to US$68 per barrel, increasing non-hydrocarbon revenue, reducing public debt, improving Oman’s credit ratings, developing social protection system and restructuring pension funds, as well as other direct and indirect results.