Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Deficit dips 19.9% as oil crosses $50

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Aided by oil price which is higher than what is budgeted in 2017, Oman’s deficit till May this year has witnessed a 19.9 per cent drop.


While the average price of crude during the period from January to May averaged $51.7 per barrel, total revenue showed a significant rise of 19.2 per cent to reach RO 3.322 billion.


This is 51 per cent higher from the average oil price of $34.2 a barrel in the same period of 2016.


According to data from National Centre for Statistics and Information (NCSI), the deficit has narrowed to RO 2.03 billion during the period compared with RO 2.54 billion in the corresponding period last year.


While the total oil exports registered a 9.1 per cent increase in May comparing with the previous month, net oil revenue rose 37.3 per cent to RO 1.76 billion from RO 1.28 billion during the same period last year.


An International Monetary Fund (IMF) report forecasts oil prices may average at about $55 per barrel during 2017-18 compared with an average of $43 a barrel in 2016.


The data, however, showed that average daily oil production decreased by 2.9 per cent to 968,800 barrels in the first five months against 997,900 barrels during the same period in the previous year.


Oman’s 2017 budget is based on an oil price assumption of $45 per barrel for the year.


In 2016, the Omani crude oil prices averaged $40.1 per barrel compared with $56.5 during 2015 and $103.2 during 2014. Oil and gas revenues accounted for 68.2 per cent of government revenues and 57.9 per cent of total merchandise exports during the year.


SAMUEL KUTTY


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