The budget deficit of the Sultanate of Oman decreased by 62.9 percent during the first ten months of 2021, to 1.006 billion riyals ($2.62 billion), supported by improved oil revenues.
According to the monthly report of the Omani Ministry of Finance, the value of the public budget deficit decreased during that period, from 2.713 billion riyals ($7.07 billion) compared to the same period in 2020. Public spending in the budget rose by 1.3 percent, to 9.34 billion riyals (24.33 billion dollars), compared to 9.21 billion riyals (24 billion dollars) during the same period last year.
As for public revenues, the report showed an increase of 28.1 percent on an annual basis to 8.33 billion riyals ($21.7 billion), from 6.5 billion riyals ($16.9 billion) in the comparable period. The rise in revenues supported the growth of oil revenues by 35.4 percent to 4.44 billion riyals ($11.56 billion), from 3.28 billion riyals ($8.5 billion) in the same ten months of last year. The average price of a barrel of Omani oil at the end of October 2021 increased to $58.89 a barrel, compared to $48.54 in the same period of 2020. The Sultanate's oil production rose to 960,000 barrels per day, compared to 955 million barrels per day during the compared period.
Source (Anadolu Agency, Edited)
