Oman reports 2024 budget surplus from hydrocarbon revenue rise as oil prices outpaced initial forecasts. The final account for the 2024 budget shows total revenue hit OMR12,781 million. This marks a 16% increase over the original budget estimate of OMR11,010 million.
The rise stems mainly from higher oil and gas income. Oil revenue reached OMR7,452 million, which is 16% more than the budgeted OMR5,915 million. The increase came as oil prices jumped to an average of USD 82 per barrel, up from the projected USD 60.
Gas revenue also performed well. It totaled OMR1,822 million, again 16% above the expected OMR1,575 million. The gains came from higher average selling prices for LNG.
At the same time, Oman reports 2024 budget surplus from hydrocarbon revenue rise, despite lower oil output. Production dropped by 34,000 barrels per day compared to budget targets. This decline was due to voluntary cuts under the OPEC+ agreement.
On the spending side, Oman ended 2024 with OMR12,241 million in public expenses. This was 5% above the budgeted OMR11,650 million. Higher subsidies for oil and electricity, plus more development spending, drove the increase.
Current spending stood at OMR8,534 million, slightly under the planned OMR8,573 million. Oman reports 2024 A large reduction in debt service costs helped offset other increases.
Non-hydrocarbon revenue reached OMR3,507 million. This was slightly below budget by OMR13 million but still made up 28% of the total revenue.
Tax and fee income rose to OMR2,077 million, a 5% jump over the plan. Corporate tax contributed OMR48 million more than forecast, and value-added tax added OMR41 million above target.
Meanwhile, non-tax income fell 3% to OMR1,395 million. Despite this, overall fiscal health improved. Oman achieved a surplus of OMR540 million. This shows strong management during uncertain global conditions.
Oman reports 2024 budget surplus from hydrocarbon revenue rise, reflecting a healthy and growing energy sector. With increased income and controlled spending, the country remains on track for financial stability.
