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FINANCIAL NEWS
Oman’s Jan-Oct budget surplus hits USD2.15b
20 Dec 2011
(MENAFN) Oman’s ministry of national economy said that in the January-October period, Oman’s budget surplus reached USD2.15 billion, compared with a deficit of USD510 million in 2010’s same period, reported Emirates 24/7.
The ministry added that the surplus was driven by an increase in the country’s crude production, which reached around 882,000 barrels per day (bpd) from 860,000 bpd in last year’s same period, in addition to high oil prices, which boosted Oman’s oil export earnings to around USD18.5 billion, compared with USD11.5 billion a year earlier.
It also said that Oman’s total actual revenue surged by around 44 percent, reaching USD24 billion from USD16.6 billion, on the other hand, the country’s current expenditure grew by 18.4 percent, whereas capital spending rose by 9.2 percent, moreover, allocations for oil production went up 2.6 percent, while they rose 0.4 percent for gas.
It is worth noting that Oman forecasts to increase spending in its 2011-2015 development plan by 113 percent.
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