Oman saw its revenues and budget surplus surge last month, as oil prices almost doubled, according to data from the Ministry of Finance. 

Total public revenue amounted to 1.918 billion riyals ($4.981 billion) at the end of February, up by 75.6 percent compared to the same period last year.  

The country’s net oil revenue jumped 81.4 percent to 1.094 billion riyals, while gas revenue expanded 116.6 percent to 509 million riyals, the ministry said in its monthly bulletin. 

Budget surplus also reached 210 million riyals at the end of last month, compared to a deficit of 457 million riyals over the same period in 2021. 

Oil prices averaged $81 per barrel during the period, nearly double the $42 average recorded a year ago. 

The country has ramped up its oil production, rising to more than 1 million barrels per day from 953,000 barrels per day in the previous year. 

At the end of February, public spending also went up by 10.2 percent to 1.707 billion riyals. 

S&P Global has recently upgraded Oman’s foreign and local currency sovereign credit ratings from “B+” to “BB-“ with a stable outlook for the first time since 2015. The rating upgrade is a result of improved fiscal and debt trajectory of the country. 

(Reporting by Cleofe Maceda; editing by Seban Scaria )