Oman posted a surplus of RO 450 million for the quarter ended March 31, 2023 on revenue totaling RO 3.217 billion, which was 6 per cent higher than the corresponding revenue of RO 3.025 billion for Q1 2022. This compares with a surplus of RO 325 million for the corresponding quarter of 2022.
The latest ‘Fiscal Performance’ news bulletin of the Ministry of Finance attributed the increase in revenue to a 9 per cent growth in oil export revenue, which climbed to RO 1.707 billion in Q1 2023, up from RO 1.565 billion a year earlier.
The growth in oil revenue was fuelled by an increase in oil production averaging 1.063 million barrels per day in Q1 2023, up from 1.025 million bpd a year earlier. Additionally, oil prices averaged $85 per barrel this year, up from $78 a year earlier.
Net gas revenue, on the other hand, declined 12 per cent to RO 720 million this year, down from RO 819 million a year earlier. The decrease is attributable to deductions made from total revenues received by the new Integrated Gas Company towards the purchase and transportation of the gas, the Ministry noted.
Current revenues soared to RO 787 million in Q1 2023, up from RO 636 million a year earlier, the Ministry said.
Total public expenditure for the quarter ticked up 4 per cent to RO 2.767 billion this quarter, up from RO 2.668 billion a year ago. Current expenditures of civil and government units amounted to RO 1.033 billion, up by RO 79 million compared to RO 954 million recorded a year earlier. Development expenditure of civil and government units amounted to RO 117 million, representing 13 per cent of total development spending of RO 900 million allocated for 2023.
Further, by the end of Q1 2023, ‘Contributions & Other Expenses’ amounted to RO 273 million for the quarter, which was up 53 per cent compared to the total of RO 179 million recorded a year ago. Oil product subsidy amounted to RO 78 million, while an amount of RO 100 million was transferred to the future debt obligations budget item.
The Ministry of Finance confirmed that it paid over RO 325 million by the end of the first quarter of this year in private sector dues received through the completed documentary financial system.
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