State Public Revenue Increases by 4% Due to Higher Oil Income.

Muscat: The State's public revenue by the end of the third quarter of 2024 reached RO 9,198 million, marking a 4% increase from RO 8,886 million in the same period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance. According to Oman News Agency, by the end of Q3 2024, net oil revenue reached RO 5,436 million, representing a 12% increase from RO 4,838 million during the same period in 2023. The average realized oil price was USD 83 per barrel, with oil production averaging 999,000 barrels per day. This reflects the oil revenue collection and cash flow management methodology of Energy Development Oman (EDO). However, net gas revenue by the end of Q3 2024 decreased to RO 1,345 million, a 15% drop from RO 1,583 million in the same period of 2023, attributed to changes in the gas revenue collection methodology. By the end of Q3 2024, current revenue amounted to RO 2,399 million, a decrease of RO 55 million from RO 2,454 million in the same period of 2023. Public spending by the end of Q3 2024 totalled RO 8,722 million, which is an increase of RO 627 million, or 8%, compared to the same period in 2023. Moreover, current expenditure by the end of Q3 2024 reached RO 6,152 million, a decrease of RO 25 million from RO 6,177 million at the end of Q3 2023. Development expenditure of civil ministries and units amounted to RO 840 million by the end of Q3 2024, representing 93% of the total development spending, which was RO 900 million allocated for 2024. Total contributions and other expenses by the end of Q3 2024 reached RO 1,731 million, a 45% increase from RO 1,197 million in the same period of 2023, primarily due to the implementation of the social protection system. Subsidies for the social protection system, electricity, and oil products amounted to RO 419 million, RO 463 million, and RO 197 million, respectively. Moreover, RO 300 million was allocated for future debt obligations. By the end of Q3 2024, the Ministry of Finance had pai d more than RO 916 million to the private sector, reflecting payment vouchers processed through the e-financial system. Meanwhile, in Q3 2024, the government managed to maintain its public debt at RO 14.4 billion, down from RO 15.7 billion at the end of Q3 2023.