Oman posts budget surplus of 784 million rials in first half of 2022

The Omani government posted a budget surplus of 784 million rials ($2.04 billion) at the end of the first half of 2022, Oman’s state news agency reported on Sunday.

The Gulf Arab state’s oil revenues increased to 3.187 billion rials by the end of first half, the report added.

Public spending rose 8.6 per cent to 5.94 billion rials year on year, the Ministry of Finance said in a statement.

Total public debt was down 2.2 billion rials from the end of last year to 18.6 billion rials, the ministry said.

Gulf oil producers have benefited from the sharp rise in oil prices, which surged past $100 a barrel after Russia’s attack on Ukraine in late February exacerbated concerns about disruptions to global energy supply.