Business | Oil & Gas

Oman's budget surplus hits $2.4b on high oil

Oman said on Saturday its budget surplus for the first quarter of this year was 912 million riyal ($2.37 billion), fuelled by record crude prices.

  • Reuters
  • Published: 23:17 July 12, 2008
  • Gulf News

Muscat: Oman said on Saturday its budget surplus for the first quarter of this year was 912 million riyal ($2.37 billion), fuelled by record crude prices.

Oman posted a 417 million riyal surplus in the first three months of last year, the Ministry of National Economy said.

The Gulf state's oil revenue soared 55.8 per cent to 1.609 billion riyals in the first quarter compared with 1.03 billion riyals in the year-earlier period, the ministry said.

Like other states in the world's top oil-exporting region, the non-Opec member's economy is surging on a more than seven-fold increase in oil prices since 2002.

The ministry said total government revenue grew 36.5 per cent to 2.12 billion riyals for the first quarter from 1.55 billion riyals in the corresponding period last year.

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