Oman’s net oil revenue rises 34.8 % thanks to surge in crude oil rates

The recovery in the price of crude oil lead to a 46.2 reduction in Oman’s fiscal deficit to RO 1.09 billion ($2.85 billion) in the first five months of the year, compared to a fiscal deficit of RO 2.03 billion ($5.32 billion) in the same time period of 2017, according to government statistics.

According to figures from the National Centre for Statistics and Information (NCSI) and reported by the Oman News Agency, the country’s net oil revenue rose 34.8 percent to RO 2.38 billion ($6.23 billion) in the first five months of the year, compared to RO 1.76 billion ($4.61 billion) in the first five months of 2017.

Additionally, the statistics show that natural gas revenues increased by 17.4 percent to RO 682.6 million ($1.78 billion), while revenues from corporate income tax contributed RO 352.3 million ($922.69 million) and customs duty contributed RO 88.5 million ($231.79 million).

The statistics also indicate that government expenditure increased 6.1 percent to RO 4.83 billion ($12.65 billion) between January and May, compared to RO 4.55 billion ($11.92 billion) in 2017.

Of the total amount of government expenditure, current expenditure was shown to have increased 12.5 percent to RO 3.57 billion ($9.35 billion), while investment expenditure went up 1.1 percent to RO 1.07 billion ($2.80 billion).

The government’s expenditure for participation and support fell by 40.6 over the same time period, to RO 189.6 million ($496.57), compared to RO 319 million ($835.48 million) in the first five months of 2017.

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