Oman achieved a budget surplus of 207 million Omani riyals ($538.2 million) in the first two months of 2024, despite a decline in oil and gas income.

Finance Ministry figures published by the Omani News Agency on Monday showed oil export earnings dipped by about four percent to OMR1.1 billion ($2.86 billion) during January and February compared with the same period of 2023. Gas revenues plunged by nearly 46 percent to OMR281 million ($730.6 million).

The report said actual spending was cut by OMR25 million ($65 million) to around OMR1.277 billion ($3.32 billion).

Project spending stood at about OMR93 million ($241.8 million), more than 10 percent of the total 2024 capital expenditure of OMR900 million ($2.34 billion), the report said.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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