Oman’s public revenues rose by 4% year-on-year by the end of the third quarter of 2024, reaching OMR 9.19 billion compared to OMR 8.88 billion in the same period of 2023, according to the Ministry of Finance. The increase is attributed primarily to higher net oil revenues, which grew by 12% to OMR 5.436 billion, up from OMR 4.838 billion in the third quarter of 2023. This growth was supported by an average oil price of $83 per barrel and a production rate of approximately 999,000 barrels per day, managed through Oman Energy Development Company’s revenue collection and cash liquidity practices.
Net gas revenues, however, fell by 15% to OMR 1.34 billion, down from OMR 1.58 billion in 2023, due to a shift in revenue collection methodology. Current revenues also declined slightly, falling by OMR 55 million to OMR 2.39 billion from OMR 2.45 billion in the previous year.
Public spending rose 8%, reaching OMR 8.72 billion by the third quarter of 2024, an increase of OMR 627 million compared to the same period in 2023. Current expenses decreased marginally by OMR 25 million, totalling OMR 6.15 billion compared to OMR 6.17 billion in the previous year. Development expenditures for government ministries and civil units reached OMR 840 million, with a disbursement rate of 93% of the OMR 900 million allocated for 2024.
Contributions and other expenses grew by 45%, reaching OMR 1.73 billion, driven by the implementation of the social protection system. Support for the social protection system, electricity sector, and petroleum products totalled OMR 419 million, OMR 463 million, and OMR 197 million, respectively, while the debt repayment provision transfer amounted to OMR 300 million.
By the end of the third quarter, the Ministry of Finance disbursed OMR 916 million in private sector dues through the financial system. Oman’s public debt was maintained at OMR 14.4 billion, down from OMR 15.7 billion in the same period of 2023.