Oman’s budget surplus hits USD602.64m in Jan.-Nov.
06 Jan 2015
(MENAFN), According to official statistics released by Oman’s National Centre for Statistics and Information (NCSI), the sultanate’s budget surplus stood at USD602.64 million during the January-November period of 2014, declining by 61.7 percent compared to the same period of the previous year when it stood at USD1.57 billion, Times of Oman reported.
The NCSI said that the budget surplus is against Oman government’s projections of the country recording a deficit of USD4.65 billion.
The government’s total revenue fell by 2.5 percent to USD32.24 million from USD33.07 million, while net oil income alone dropped 3.2 percent to USD24.40 million from USD25.21 million during the cited period.
Despite an increase in oil production during the first eleven months of 2014 by 1.5 percent to reach 286.18 million barrels, average price of Oman Crude inched down by 0.7 percent to USD104.7 per barrel from USD105.4 a barrel for the same period of 2013.