Muscat – Oman’s public revenues fell slightly by the end of May this year, totalling RO5.075bn – a 7% decrease from RO5.463bn during the same period in 2023. The dip is attributed mainly to reductions in both oil and non-oil revenues.

The monthly performance bulletin compiled by Ministry of Finance (MoF) reported a 2% de-crease in net oil revenues, which amounted to RO2.74bn compared to RO2.81bn at the end of May 2023. Average oil price during this period was US$82 per barrel, with an average daily production of 1.6mn barrels.

Net gas revenues saw a significant drop of 24%, falling to RO763mn from RO1.03bn in the same period in 2023. This decline is attributed to a change in the methodology for collecting gas revenues, MoF stated.

Total current revenues collected until the end of May this year decreased by RO82mn, amounting to RO1.562bn, compared to RO1.644bn during the same period in 2023.

Public spending till May 2024 totalled approximately RO4.724bn, down RO158mn – or 3% – from RO4.882bn in the same period in 2023. Current expenditures of civil ministries amounted to RO3.34bn, a drop of RO25mn compared to RO3.365bn by May 2023.

Development expenditures by ministries and civil units amounted to RO430mn, representing 48% of the total development budget of RO900mn allocated for the year.

Total contributions and other expenditures increased 11% to RO754mn, up from RO678mn in the same period in 2023. Support for the social protection system, petroleum products and the transportation sector amounted to approximately RO233mn, RO137mn and RO30mn, respectively, till May this year.

Additionally, transfers allocated for debt repayment amounted to RO166mn during this period.

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