Oman Budget Records a Surplus of $1.35 Billion

Data from the Omani Ministry of Finance revealed that "the general budget for the state for 2023 recorded a surplus of 520 million Omani rials ($1.35 billion) by the end of April." The monthly financial bulletin showed that the financial surplus during the same period in 2022 was 468 million rials, and the net oil revenues reached 2.3 billion rials by the end of April, a 12% increase compared to the same period last year due to rising average oil prices to $84 per barrel and an increase in average production. Total revenues reached 4.4 billion rials by the end of April, a four percent increase over the same period in 2022. Expenditure reached 3.9 billion rials, an increase of three percent from the same period in 2022. Oman is among the weaker economies in the Gulf oil and gas exporting countries, but the rise in oil prices last year supported public finances and helped reduce government debt. A reduction in oil production and falling prices will affect the growth of Gulf oil-exporting countries in 2023, and most forecasts indicate a substantial slowdown this year.