The plunge in oil prices has driven Oman’s government revenues down to OMR2.44 billion in the first quarter of the current year, according to government data.
The figure indicates a major slump of 23.9 per cent, when compared to the revenues posted in the same period last year, where they reached OMR3.21bn.
The sultanate’s net oil revenues sank by 35.3 per cent (or OMR913.5 million) to OMR1.67bn, as against OMR2.58bn in the same period last year, a report by the Central Bank of Oman reveals.
During the January-March period, the price of Oman crude plummeted by 41.5 per cent to $61.99 per barrel compared with $105.96 per barrel for the same period of 2014, according to figures by the National Centre for Statistics and Information.
In the three-month period, Oman posted a budget deficit of OMR544.6m, as against a surplus of OMR215.4m, posted in the same period of 2014.
The data, published by the Times of Oman, shows that the Arab nation did not slash its public expenditure despite the plunge in revenues. The country’s public spending remained at OMR2.99bn.
Moreover, Oman’s current and investment expenditures edged up to OMR1.697bn (from OMR1.693bn) and OMR555.3m (from OMR548m), respectively.