Oman’s state general revenues increased by 42.3 per cent until the end of October 2022, to reach about RO11.862bn compared to RO8.333bn during the same period in 2021, thanks to the increase in oil prices, production rate, and growing global energy requirements.

The monthly bulletin issued by the Ministry of Finance indicated that the net hydrocarbon revenues (oil and gas) collected until the end of October 2022 grew by 50.5 per cent, to reach about RO9.244bn, compared to RO6.141bn until the end of October 2021.

This increase is driven by the spike in average oil prices, which amounted to US$95 per barrel, and the increase in average production to about 1.056mn barrels per day.

The current revenues collected until the end of October 2022 amounted to about RO2.594bn, registering an increase of about 21.8 per cent, compared to the collection of RO2.129bn in the same period in 2021.

Public spending until the end of October 2022 stood at about RO10.654bn, an increase of RO1.315bn, constituting 14 per cent over the actual expenditure during the same period in 2021.

The bulletin indicated that the developmental expenditure of ministries and civil units stood at about RO765mn, comprising an increase of 10 per cent compared to the same period in 2021, and constituting a spending rate of 70 per cent of the total developmental liquidity allocated for 2022, which stood at RO1.100bn.

Current expenditures amounted to about RO7.879bn, an increase of 9.5 per cent compared to the same period in 2021.

The total contributions and other expenditures rose to about RO1.527bn, compared to RO668mn during the same period in 2021.

Subsidies for petroleum products amounted to about RO610mn, while the electricity sector reached about RO450mn until October 2022. The transfer of the provision for debt repayment amounted to about RO167mn.

By the end of October 2022, the state’s general budget posted a financial surplus amounting to about RO1.208bn, compared to a deficit of RO1.007bn in the same period in 2021.