Oman Reports Strong 13% Increase in Public Revenues to $17.2bn
Oman’s public revenues rose 13 percent to 6.60 billion Omani rials ($17.2 billion) in the first half of the year, driven by a 10 percent increase in net oil revenues and a sharp 32 percent surge in gas revenues, according to official data.
The Fiscal Performance Bulletin, issued by the Ministry of Finance, showed total public expenditure reached approximately 6.62 billion rials by the end of June, up 521 million rials, or 9 percent, from the 6.1 billion rials recorded during the same period in 2025. The Oman News Agency reported that the rise in spending was driven by higher development and current expenditure compared with the previous year.
The stronger fiscal results come as Oman continues working to reduce its dependence on oil. The International Monetary Fund has said Oman has made progress diversifying its economy but has lagged behind the average pace among Gulf Cooperation Council countries, noting that heightened global uncertainty and lower oil prices make faster economic transformation increasingly important. The IMF added that Oman’s 11th Five-Year Development Plan for 2026-2030 offers an opportunity to strengthen economic resilience and expand into higher-value sectors with stronger potential for exports, employment, and growth.
According to the bulletin, net oil revenues climbed 10 percent by the end of the second quarter to approximately 3.33 billion rials, up from 3.02 billion rials during the same period in 2025. The average realized oil price stood at $74 per barrel, with average daily production reaching 1.07 million barrels. Net gas revenues rose even more sharply, increasing 32 percent to 1.16 billion rials from 884 million rials a year earlier.
Current revenues collected by the end of June grew 6 percent to 2.05 billion rials, compared with 1.93 billion rials in the same period last year. Current expenditures rose by roughly 251 million rials to 4.37 billion rials, up from 4.12 billion rials at the end of the second quarter of 2025.
On the development side, spending by ministries and civil units reached 798 million rials by the end of June, including 146 million rials allocated specifically to economic transformation projects. This represents a disbursement rate of about 61 percent of the total 1.3 billion rial development expenditure budget planned for 2026.
Total contributions and other expenditures came in at 1.13 billion rials by the end of the second quarter, down roughly 29 million rials, or 2 percent, from 1.16 billion rials during the same period in 2025. Subsidies for the social protection system, electricity sector, and petroleum products totaled approximately 323 million rials, 288 million rials, and 162 million rials respectively, while debt servicing transfers reached 150 million rials.
Suspense expenditures rose to approximately 320 million rials by the end of June, up from around 130 million rials during the same period in 2025. Meanwhile, total public debt stood at approximately 14.16 billion rials by the end of June, compared with 14.12 billion rials a year earlier — a marginal increase of about 0.3 percent.
