Times of Oman
Nov 30, 2015 LAST UPDATED AT 08:44 AM GMT
Oman posts budget surplus of OMR583m in first five months
August 13, 2014 | 12:00 AM
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Muscat: Oman recorded a surplus of OMR582.9 million in the first five months of 2014, which is against a deficit of OMR110.4 million for the same period last year.

The surge in budget surplus was mainly due to a marginal growth in government revenue, which edged up 0.5 per cent to OMR6,044.1 million in the first five-month period, over the same period of last year, according to the monthly statistical bulletin released by National Centre for Statistics and Information (NCSI) Wednesday.

The Sultanate, which based its 2014 budget on a projected oil price of $85 per barrel, expects an expenditure of OMR13.5 billion and a deficit of OMR1.8 billion this year.

Although net oil revenue in the first five months declined by 2.6 per cent to OMR4,335.1 million, the overall revenue moved up by 0.5 per cent to OMR6,044.1 million.

According to the monthly report, the average daily crude oil production for the first half of 2014 rose one per cent to 943,700 barrels, against 934,200 barrels for the same period of last year.

Likewise, total oil production (including condensates) in the first half also rose by one per cent to 170.8 million barrels from 169.09 million barrels.

Also, crude oil exports showed a 5.2 per cent decline in the first half at 143 million barrels in the first half. China retained its position as the major importer of Oman crude in the first half, which was followed by Taiwan, Japan, Thailand, India, Singapore and South Korea.

However, the average oil price declined to $105.38 per barrel from $106.60 a barrel during the period.

Natural gas revenue fell by 1.9 per cent to OMR594.3 million in the first five months of 2014.

Natural gas production and imports showed a 6 per cent fall at 18.152 million cubic metres for the first half, against 19.307 million cubic metres for the same period of 2013.

Government expenditure
Government expenditure, on the other hand, grew by 8 per cent to OMR5,061.2 million for the first five months of this year from OMR4,688.4 million. Of this, current expenditure surged ahead by 12 per cent to OMR3,227.4 million from OMR2,882.7 million, while investment expenditure increased at OMR1,124.5 million from OMR1,064.6 million during the period.

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