Data issued by the Ministry of Finance in the Sultanate of Oman showed that the Sultanate’s budget turned into a surplus during the first two months of 2022 at a value of 210 million riyals ($547 million), supported by improved oil revenues.
According to the report, the budget recorded a deficit of 457 million riyals ($1.19 billion) in the corresponding period of 2021. While budget revenues rose by 75.6 percent during the period at the end of February, to 1.91 billion riyals ($4.97 billion).
As for public spending, it rose by 10.2 percent on an annual basis during the two months to 1.7 billion riyals ($4.42 billion). The rise in revenues supported the growth of oil revenues by 81.4 percent to 1.09 billion riyals ($2.83 billion), from 603 million riyals ($1.57 billion) in the same two months of the previous year. The Sultanate's oil production rose to an average of 1.019 million barrels per day during the two months, compared to 953,000 barrels per day in the comparable period.
The budgets of the Gulf states, including Oman, were affected by the significant drop in oil prices in 2014, but their budgets benefit from the record rise in oil prices that exceed $100 per barrel, amid damaged supplies and rising prices.
Source (Anadolu Agency, Edited)
