Oman experienced a significant boost in its public revenues, marking a 13% increase year-on-year, reaching about OMR 6.602 billion by the end of the second quarter of 2026. This rise is primarily attributed to enhanced oil and gas revenues. The Ministry of Finance’s Fiscal Performance Bulletin reveals that this growth stems from an increase from OMR 5.839 billion in the same period of 2025. Notably, net oil revenues climbed by 10% to OMR 3.332 billion, and net gas revenues surged by 32% to OMR 1.164 billion.
The nation’s average realized oil price stood at $74 per barrel, with daily production averaging around 1.074 million barrels. This robust performance in the energy sector has significantly bolstered Oman’s fiscal health. However, public expenditure also saw a rise, reaching OMR 6.619 billion, which is a 9% increase from the previous year’s OMR 6.098 billion. This increase encompasses a rise in current expenditure to OMR 4.369 billion, while development spending by ministries and civil units totaled OMR 798 million.
Despite the uptick in government spending, Oman’s public debt remained relatively stable, recorded at OMR 14.16 billion compared to OMR 14.12 billion during the same timeframe last year. This stability suggests careful fiscal management amidst increased outlays. The figures indicate a continued positive trajectory for Oman’s public finances, heavily supported by stronger energy revenues.
The first half of 2026 has been characterized by a balancing act of growing revenues and expenditures, reflecting the government’s ongoing commitment to development while maintaining fiscal stability. This period of financial performance underscores the vital role of the energy sector in driving economic growth and stability in Oman.
