Omans Public Revenues Rise 13% To $17.2bn In H1 

JEDDAH: Oman’s public revenues rose 13 percent to 6.60 billion Omani rials ($17.2 billion) in the first half, driven by a 10 percent increase in net oil revenues and a 32 percent surge in gas revenues, according to official data. 

According to the Fiscal Performance Bulletin issued by the Ministry of Finance, total public expenditure stood at approximately 6.62 billion rials by the end of June, marking an increase of 521 million rials, or 9 percent, from the 6.1 billion rials recorded during the same period in 2025. 

The increase in expenditure was driven by higher development and current spending compared with the same period last year, the Oman News Agency reported. 

The stronger fiscal performance comes as Oman seeks to build a less oil-dependent economy. The International Monetary Fund said Oman has made progress in diversification but has lagged the average pace in the Gulf Cooperation Council, while heightened global uncertainty and lower oil prices make faster economic transformation more important.  

The fund said the 11th Five-Year Development Plan for 2026-2030 provides an opportunity to strengthen resilience and expand into higher-value activities with greater potential for exports, employment and growth. 

“The bulletin further indicated that net oil revenues rose by 10 percent by the end of the second quarter, reaching approximately 3.33 billion rials, compared to 3.02 billion rials recorded during the same period in 2025,” the ONA report stated. 

It added: “The realized average oil price stood at $74 per barrel, while average daily oil production reached 1.07 million barrels per day. Net gas revenues also increased by 32 percent to 1.16 billion rials, up from 884 million rials in the corresponding period of 2025.” 

Current revenues collected by the end of June grew by 6 percent to 2.05 billion rials, compared with 1.93 billion rials during the same period in 2025. 

Current expenditures rose by approximately 251 million rials to 4.37 billion rials, compared with 4.12 billion rials at the end of the second quarter of 2025, ONA reported. 

Economic transformation spending 

Development expenditures for ministries and civil units reached 798 million rials by the end of June, of which 146 million rials was allocated to economic transformation projects. 

The disbursement rate stood at approximately 61 percent of the total development expenditure budget for 2026, which amounts to 1.3 billion rials. 

Total contributions and other expenditures reached 1.13 billion rials by the end of the second quarter, down approximately 29 million rials, or 2 percent, from 1.16 billion rials during the same period in 2025. 

Subsidies allocated to the social protection system, electricity sector and petroleum products amounted to approximately 323 million rials, 288 million rials and 162 million rials, respectively, by the end of the second quarter. Transfers for debt servicing stood at 150 million rials. 

ONA reported that suspense expenditures reached approximately 320 million rials by the end of June, compared with approximately 130 million rials during the corresponding period in 2025. 

Total public debt stood at approximately 14.16 billion rials by the end of June, compared with 14.12 billion rials during the same period in 2025, representing a marginal increase of approximately 0.3 percent.