State Public Revenue Exceed RO 10.2 Billion by End of October 2024

Muscat, 11 Dec (ONA) --- The State’s public revenue by the end of October 2024 reached RO 10,203 million, comprising a 4% increase from RO 9,800 million registered during the corresponding period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

By the end of October 2024, net oil revenue reached RO 6,029 million, going up by 11% from RO 5,446 million in the same period of 2023. The average realized oil price was USD 83 per barrel, with oil production averaging 999,000 barrels per day. This reflects the oil revenue collection and cash flow management methodology of Energy Development Oman (EDO).

Meanwhile, net gas revenue by the end of October 2024 reached RO 1,525 million, comprising a 12% decrease from RO 1,734 million in the same period of 2023, attributed to thechange in the gas revenue collection methodology.

Further, current revenue by the end of October 2024 amounted to RO 2,629 million, an increase of RO 21 million from RO 2,608 million in the same period of 2023.

By the end of October 2024, public spending totalled RO 9,684 million, up by RO 714 million, i.e. 8% compared to RO 8,970 million over the same period in 2023.

Current expenditure reached RO 6,860 million by the end of October 2024, constituting a decrease of RO 12 million from RO 6,872 million in the same period of 2023.

Development expenditure of civil ministries and units by the end of October 2024, amounted to RO 992 million, representing 110% of the total development spending, i.e. RO 900 million, allocated for 2024.

Contributions and other expenses by the end of October 2024 reached RO 1,831 million, a 43% increase from RO 1,278 million in the same period of 2023, primarily due to the social protection system's implementation.

Subsidies for the social protection system, electricity, and oil products amounted to RO 466 million, RO 463 million, and RO 201 million, respectively. Moreover, RO 333 million was allocated for future debt obligations.

--- Ends/AG