RIYADH: According to fresh estimates, state earnings increased by 2.3 percent year over year between January and the end of August, hitting 8.12 billion Omani rials ($21.07 billion), driven by an increase in Oman’s net oil receipts.
According to the Ministry of Finance’s monthly bulletin, net oil income increased by 12 percent from the same period last year to an expected 4.65 billion rials by the end of August.
The increase in numbers points to thriving and growing economic activity, with more money moving around the nation.
In the second quarter, Oman’s public revenue dropped by 2% year over year to $16.1 billion, according to a report released by the country’s press agency in August. The sultanate’s economy is highly dependent on oil and gas earnings, which leaves it susceptible to changes in world prices.
As part of its Vision 2040 strategy, the government has been making a concerted effort to diversify the economy and lessen reliance on hydrocarbons. The bulletin also revealed that average oil production was approximately 1.1 million barrels per day, while average oil prices reached $83 per barrel.
The strategy employed by the state-owned company Energy Development Oman to gather crude earnings and control financial liquidity is responsible for the rise in net oil revenues. Net petrol receipts at the end of August were down 15% to 1.43 billion rials compared to the same period in 2023. This is because the way that petrol revenues are collected has changed.
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