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FINANCIAL NEWS
Oman records USD4.2b budget surplus in Jan-May period
11 Jul 2012
(MENAFN) Recent data showed that Oman’s budget surplus rose to USD4.2 billion in the first five months of 2012 on higher oil revenue, Reuters reported.
The non-Opec crude producer has extended its budget by 23 percent to USD25.89 billion this year compared to its original plan for 2011.
The data also found that Oman’s revenue during the January-May period soared 34 percent year-on-year to USD15.8 billion.
The government’s expenditure rose 38 percent to USD11.65 billion compared to a year earlier.
The sultanate’s budget surplus was a result of higher oil prices which boosted substantially its public finances compared to USD476.41 million surplus recorded a year earlier.
Oman’s net oil revenue jumped 33 percent to USD11.65 billion in the first five months as it sold its crude at an average USD113.5 per barrel, up 20 percent from a year ago.
In December, the International Monetary Fund (IMF) expected Oman to record a surplus this year if oil prices stay at current levels.
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