The Gulf state of Oman recorded a budget surplus of OMR 520 million rials ($1.35 billion) year to date at the end of April, according to finance ministry data.

The fiscal surplus in the same period in 2022 was 468 million rials, the monthly financial bulletin showed.

Net oil revenue at the end of April stood at 2.3 billion rials, up 12% from the prior year period, and driven by an increase in average oil prices to $84 a barrel, and an increase in average oil production, the bulletin said.

Total revenue at the end of April amounted to 4.4 billion rials, up 4% from the same period in 2022. Spending stood at 3.9 billion rials, an increase of 3% over the 2022 period figure.

Oman is among the weaker economies of the Gulf oil and gas exporters but higher oil prices in the last year have supported public finances and helped to reduce government debt.

Oil production cuts and lower prices will affect growth among Gulf exporters in 2023 however with most forecasts pointing to a significant slowdown this year. ($1 = 0.3850 Omani rials)

(Reporting by Rachna Uppal;)