Coming against the renewed concern about the emergence of the Omicron variant, the Sultanate of Oman’s total revenue registered a significant rise of 28.1 per cent till the end of October 2021. According to the monthly bulletin issued by the Ministry of Finance, the total revenue during the 10-month period till October reached RO 8.3 billion compared to the corresponding period in 2020.
“The recovery of oil prices, coupled with a rise in demand for fuel, with oil prices averaging $58.89 by the end of October 2021 helped the revenue rise”, said the bulletin.
The climb in the revenue is aided by an increase in net oil revenues by 35.4 per and a rise in gas revenues by 50.6 per cent, the bulletin said.
As a result, points out the report, the budget deficit until the end of October 2021 decreased by 62.9 per cent, to reach RO 1.6 billion, compared to RO 2.7 billion during the same period in 2020. Significantly, Oman crude prices marked an increase of 35.4 per cent to around RO 4.4 billion, while gas revenues also soared by 50.6 per cent and posted RO 1.69 billion.
On Friday last, Oman oil price for the February delivery 2022 reached $69.17 per barrel, comprising a decline by $1.90 from the previous day when it was $71.07 per barrel. The average price of Oman oil (December delivery) has stabilised at $81.58, thus $8.80 per barrel higher than November delivery.
On the international market, oil prices fell 2.8 per cent for the week and marked the sixth consecutive weekly decline, according to Bloomberg, the longest streak in three years.
According to the bulletin issued by the ministry, the current revenues also rose by 40.8 per cent by the end of October 2021 to RO 2.12 billion, compared to RO 1.512 billion during the corresponding period in 2020.
The bulletin indicated that public spending maintained a moderate rate, standing at RO 9.33 billion as against RO 9.2 billion.
