Oman’s public revenues saw a significant boost in the first half of 2026, increasing by 13% compared to the same period in the previous year. By the end of the second quarter, revenues had reached around OMR 6.602 billion, largely fueled by an upsurge in oil and gas earnings. The Ministry of Finance reported that net oil revenues rose by 10% to OMR 3.332 billion, while net gas revenues experienced a significant jump of 32%, amounting to OMR 1.164 billion.
During this period, Oman achieved an average realized oil price of $74 per barrel, with daily production averaging about 1.074 million barrels. These figures underscore the vital role of the energy sector in bolstering the nation’s economy. Meanwhile, public expenditure also rose, climbing 9% to OMR 6.619 billion from OMR 6.098 billion a year earlier. Current expenditure accounted for OMR 4.369 billion, with ministries and civil units contributing OMR 798 million in development spending.
Despite the uptick in both revenue and expenditure, Oman maintained a relatively stable public debt level. By mid-2026, public debt stood at OMR 14.16 billion, slightly up from OMR 14.12 billion during the same timeframe in the previous year. This stability suggests prudent fiscal management amidst increased spending.
The data highlights a period of sustained growth for Oman’s public finances, primarily driven by robust energy sector performance. While government expenditure rose in tandem with revenues, the consistency in public debt levels indicates a balanced approach to fiscal policy, supporting ongoing development and economic stability in the region.