Oman: 13% growth in state general revenues in the first half of 2026 - Sarmad
(KUNA) – Official Omani data showed that public revenues of the Sultanate of Oman rose by 13 percent to reach approximately 6.602 billion Omani rials ($17.16 billion) by the end of the second quarter of this year, compared to the same period last year, driven primarily by higher oil revenues.
The Omani Ministry of Finance stated in its financial performance bulletin issued today, Sunday, that public spending reached approximately 6.619 billion rials ($17.21 billion) by the end of the second quarter, an increase of 9 percent over the same period last year due to higher development and current expenditures. Meanwhile, the deficit narrowed from 259 million rials ($674 million) to 17 million rials ($44.2 million).
Regarding net oil revenues, the ministry clarified that they rose by 10 percent by the end of the second quarter, reaching approximately 3.332 billion rials ($8.66 billion) compared to the same period last year. The average realized oil price stood at $74 per barrel.
On the production front, the ministry noted that the average oil production volume reached 1.074 million barrels per day. Meanwhile, net gas revenues rose by 32 percent, reaching 1.164 billion rials ($3.02 billion) by the end of the second quarter of this year compared to the same period in 2025.
The ministry stated that the total public debt stood at 14.16 billion rials ($36.82 billion) by the end of the second quarter of this year, compared to 14.12 billion rials ($36.72 billion) at the end of the same period in 2025, recording a relative increase of approximately 0.3 percent.
The bulletin also cited International Monetary Fund (IMF) data on global economic performance, which indicates expectations of a slowdown in global economic growth this year to 3 percent, rising to 3.4 percent in 2027. Global inflation is projected to rise to 4.7 percent this year, up from 4.1 percent last year.
Regarding global oil markets, the bulletin cited forecasts from the U.S. Energy Information Administration (EIA), which indicate that the average price of Brent crude futures will rise in 2026 to approximately $81.91 per barrel, before declining to $64.76 per barrel in 2027.
