Sultanate of Oman:
784 million riyals surplus in the budget in the first half of 2022
The budget of the Sultanate of Oman recorded a financial surplus of 784 million Omani Riyals at the end of the first half of 2022, compared to recording a financial deficit of OR 1.1 billion for the same period of 2021. Government revenues until the end of the first half of this year amounted to about OR 6.7 billion an increase of 54.2% compared to the revenues collected in the same period last year.
The revenues in the first half of this year represent about 64% of the total revenues of the state in the whole year, estimated at OR 10.6 billion. The increase in revenues was mainly due to the increase in net oil revenues to OR 3.2 billion in the first half of this year, an increase of 40% due to the increase in the average production rate, as well as the increase in the average achieved oil price of 87 dollars per barrel compared to 53 dollars achieved during the same period in 2021.
It is worth noting that the average production of the Sultanate of Oman of oil until the end of June 2022 recorded about 1.05 million barrels per day, an increase of about 9.7% compared to about 955 thousand in the same period of the previous year. Oil exports from the Sultanate of Oman recorded an increase of 16.2% until the end of June 2022, and China topped the list of countries importing Omani oil.
The total domestic production of natural gas in the Sultanate until the end of last June increased by 4.4%, to reach about 25.8 billion cubic meters, compared to about 24.7 million cubic meters during the same period of the previous year, which is mainly due to the significant increase in associated and non-associated gas production.