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Oman posts surplus of USD3b in Jan-Nov 2011

01 Mar 2012

(MENAFN) Oman’s ministry of national economy said that in the first 11 months of last year, the country’s budget balance recorded a massive surplus of USD3 billion, compared with a deficit of USD748 million in 2010’s same period, reported Emirates 24/7.

The ministry added that the surplus was driven by an increase in crude production of around 885,000 barrels per day (bpd) from 864,000 bpd and higher oil prices that boosted revenues by 65 percent to USD20.61 billion from USD12.66 billion.

It also said that allocations for oil production rose 2.2 percent, whereas allocations for gas production increased 11.7 percent.

It is worth noting that in the period, actual public expenditure grew by nearly 19.5 percent to USD19.76 billion from around USD16.52 billion a year earlier.

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