Oman’s Budget Revenues Down 12% in Q1 Due to Decline in Oil and Gas Revenues

Oman's budget revenues reached 2.826 billion rials ($7.34 billion) in Q1 2024, 12% lower from 3.217 billion rials in the same quarter the prior year, mainly due to a decline in oil and gas revenues, Oman's state news agency reported on Monday.

Oman's gas revenues declined 38% to 444 million rials in Q1 2024, while those from oil fell 1% to 1.688 billion rials on an average oil price of $83.

The public spending of the OPEC+ member reached 2.664 billion rials, 4% lower than the same period a year prior, the state news agency reported citing finance ministry data.

Oman's public debt was also reduced to 15.1 billion rials by the end of Q1 2024, after it reached 15.3 billion rials by the end of 2023, with the finance ministry paying 206 million rials in arrears to the private sector by the end of the quarter. ($1 = 0.3849 Omani rials) (Reporting by Nayera Abdallah; Editing by Toby Chopra)