FINANCIAL NEWS

Oman posts $1.1b budget surplus in Q1

26 Jul 2010

(MENAFN) A report issued by Oman?s Ministry of National Economy showed that the Sultanate has posted a robust budgetary surplus of $1.1 billion for the first quarter of 2010, against a projected budgetary deficit of $2.08 billion for the whole of 2010, ONA reported.

During the first quarter, oil revenue shot up by 101 percent to $3.7 billion for the first quarter of this year from $1.8 billion for the same period last year, thanks to the smart recovery of international oil prices.

Average price of Oman Crude soared to $76.7 per barrel from $44.9 a barrel during the period, the ministry said in its latest quarterly report.

The country?s total oil production touched 77 million barrels in the first quarter from 62.8 million barrels for the same period last year.

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