Muscat: The public revenue for Oman witnessed a decline of 2 percent, reaching OMR6.19 billion at the conclusion of the second quarter of 2024, as opposed to OMR6.34 billion recorded during the same period in 2023. This reduction can primarily be attributed to a decrease in both net gas revenue and current revenue streams.
The Ministry of Finance's fiscal performance bulletin further elucidated that the net oil revenue at the end of the second quarter of 2024 saw an increase of 3 percent, reaching OMR3.36 billion, in comparison to OMR3.25 billion observed in the same quarter of 2023.
The average realized oil price stood at $82 per barrel, and the average volume of oil production reached one million barrels per day (bpd). This growth can be attributed to the Energy Development Oman (EDO) methodology for the collection of oil revenue and the management of cash flow.
The net gas revenue at the conclusion of the second quarter of 2024 amounted to OMR943 million, marking a 15 percent decrease from OMR1.11 billion recorded over the same period in 2023, attributed to a change in the methodology for collecting gas revenue.
The Ministry of Finance's report also indicated that the current revenue at the end of the second quarter of 2024 stood at OMR1.88 billion, a decrease of OMR80 million when compared to OMR1.96 billion registered in the same quarter of 2023.
Concurrently, at the conclusion of the second quarter of 2024, public spending reached OMR5.80 million, an increase of OMR120 million, marking a 2 percent rise when compared to the same period in 2023.
The Ministry of Finance's report further detailed that the current expenditure at the end of the second quarter of 2024, for the civil ministries, amounted to approximately OMR4.06 billion, a decrease of OMR13 million when compared to OMR4.07 billion recorded at the end of the second quarter of 2023.
The development expenditure for the civil ministries and units amounted to OMR502 million, representing 56 percent of the total development spending allocated for 2024.
By the conclusion of the second quarter of 2024, the Ministry of Finance had paid over OMR558 million to the private sector, reflecting the completion of payment vouchers received through the e-financial system.
In the second quarter of 2024, the government successfully met several of its outstanding financial commitments, resulting in a reduction in public debt. As a consequence, the public debt figure decreased from OMR16.3 billion at the conclusion of the second quarter of 2023 to OMR14.4 billion by the end of the same period.
