State revenues total RO 7.154 billion as of July-end: MoF

12 Sep 2024

MUSCAT (ONA): State general revenues recorded by the Ministry of Finance as of July-end 2024 amounted to RO 7.154 billion, which was lower by RO 29 million compared to earnings of RO 7.183 billion for the same period in 2023 – a marginal dip attributed to a drop in gas revenues and current revenues.

According to the latest bulletin of the country’s financial performance, net oil revenues increased by 9 per cent RO 4.038 billion this year, compared to RO 3.714 billion garnered during the same period in 2023. Oil prices averaged $83 per barrel, while oil production averaged 1.2 million barrels per day. This increase is attributed to the methodology adopted by Energy Development Oman (EDO) in collecting oil revenues and managing cash liquidity.

Net gas revenues decreased 18 per cent by the end of July 2024 to reach RO 1.090 billion compared to a corresponding figure of RO 1.329 billion in 2023, again attributable to changes in the methodology for collecting gas revenues.

As for current revenues, the total declined by RO 120 million to reach RO 2.012 billion, down from RO 2.132 billion during the same period in 2023.

Public spending totaled RO 6.754 billion, representing an increase of RO 273 million (4 per cent) compared to actual spending of RO 6.481 billion in 2023, as a result of an increase in development spending, expenditures on the contributions item, and other expenditures.

The current expenditures of civil ministries decreased by about RO 28 million to reach RO 4.808 billion, compared to RO 4.836 billion at the end of July 2023. Development expenditures of ministries and civil units amounted to about RO 653 million, accounting for 73 per cent of total development allocations for the year 2024, amounting to RO 900 million.

Total contributions and other expenses until the end of July 2024 amounted to RO 1.243 billion, an increase of 46 per cent compared to RO 854 million in the same period in 2023.

Support for the social protection system, electricity sector and petroleum products amounted to RO 326 million, RO 286 million and RO 174 million respectively.