BUSINESS REPORTER
MUSCAT, JULY 9
The state’s public revenues by the end of May 2024 amounted to approximately RO 5.075 billion, marking a decline of seven per cent compared to the same period in 2023, which recorded RO 5.463 billion. This drop is primarily attributed to a reduction in both oil and non-oil revenues.
The financial performance bulletin from the Ministry of Finance revealed a two per cent decline in net oil revenues, which stood at RO 2.740 billion by the end of May 2024, down from RO 2.810 billion in the same period of 2023. The average oil price achieved was $82 per barrel, with an average production rate of 1,006,000 barrels per day.
Net gas revenues saw a more significant decrease of twenty-four per cent, reaching RO 763 million by the end of May 2024, compared to RO 1.300 billion in the same period in 2023. This reduction is due to a change in the gas revenue collection methodology.
Current revenues also decreased, collecting RO 1.562 billion by the end of May 2024, down by RO 82 million from the RO 1.644 billion recorded in the same period of 2023.
Public spending by the end of May 2024 was RO 4.724 billion, a reduction of RO 158 million or three per cent compared to the RO 4.882 billion spent in the same period in 2023.
Civil ministries' current expenditures amounted to RO 3.340 billion, a decrease of RO 25 million from the RO 3.365 billion recorded as of May 2023.
Development expenditures for ministries and civil units were RO 430 million by the end of May 2024, with a disbursement rate of forty-eight per cent of the total development liquidity allocated for 2024, amounting to RO 900 million.
Total contributions and other expenditures increased by eleven per cent, totalling RO 754 million compared to RO 678 million in the same period in 2023.
Support for the social protection system, petroleum products, and the transportation sector up to the end of May 2024 amounted to approximately RO 233 million, RO 137 million, and RO 30 million, respectively. Additionally, RO 166 million was transferred to a designated debt repayment item. — ONA
Oman Observer is now on the WhatsApp channel. Click here
