Oman’s public revenue decreased by 2 percent to OMR6.19 billion at the end of the second quarter of 2024, compared to OMR6.34 billion in 2023. The decrease is mainly due to a drop in net gas revenue and current revenue. However, net oil revenue increased by 3 percent to OMR3.36 billion, with the average realized oil price at $82 per barrel and an average oil production volume of one million barrels per day. Energy Development Oman’s methodology for collecting oil revenue and managing cash flow played a significant role in this increase.
At the end of Q2-2024, net gas revenue amounted to OMR943 million, reflecting a 15 percent decrease compared to 2023 due to changes in the methodology for collecting gas revenue. Current revenue for the same period reached OMR1.88 billion, a decrease of OMR80 million compared to 2023. Public spending in Q2-2024 was OMR5.80 million, up by OMR120 million or 2 percent from 2023. Current expenditure by civil ministries was OMR4.06 billion, a decrease of OMR13 million compared to the previous year.
Development expenditure for civil ministries and units at the end of Q2-2024 was OMR502 million, representing 56 percent of the total development spending allocated for the year. Contributions and other expenses in Q2-2024 amounted to OMR1.08 billion, a 40 percent increase compared to 2023, largely due to the implementation of the social protection system. Subsidies for the social protection system, electricity, and oil products totaled OMR280 million, OMR259 million, and OMR153 million respectively. Additionally, OMR200 million was transferred to future debt obligations.
By the end of Q2-2024, the Ministry of Finance had paid over OMR558 million to the private sector, reflecting payment vouchers completed through the e-financial system. The government was able to repay outstanding financial obligations during this period, resulting in public debt standing at OMR14.4 billion, down from OMR16.3 billion in 2023. These financial indicators provide insights into Oman’s fiscal performance and economic stability in the context of global economic challenges.
