Oman’s public finances have shown significant growth, with revenues climbing 13% year-on-year to about OMR 6.602 billion by the close of Q2 2026. This increase was primarily fueled by a boost in oil and gas revenues. The Ministry of Finance’s Fiscal Performance Bulletin highlighted that public revenues in the same period the previous year were OMR 5.839 billion. Specifically, net oil revenues saw a 10% rise, reaching OMR 3.332 billion, while net gas revenues surged by 32% to OMR 1.164 billion.
In terms of oil production, Oman recorded an average realized price of $74 per barrel, with daily production averaging approximately 1.074 million barrels. This robust performance in the energy sector has been a cornerstone of the nation’s financial growth, underpinning the positive revenue figures.
However, this revenue growth was accompanied by an increase in public expenditure, which rose to OMR 6.619 billion, representing a 9% increase from OMR 6.098 billion in the same quarter of the previous year. Current expenditure accounted for OMR 4.369 billion of this total, while development spending by ministries and civil units amounted to OMR 798 million.
Despite the uptick in spending, Oman successfully maintained a stable public debt level. At the end of the second quarter, the public debt stood at OMR 14.16 billion, a slight increase from OMR 14.12 billion during the same timeframe last year. This stability indicates a balanced approach to fiscal management amid rising expenditures.
Overall, the data reflects a period of continued growth in Oman’s public finances, largely supported by stronger energy revenue streams. The government has managed to increase its expenditure while keeping public debt relatively stable, signaling a resilient economic posture as it navigates the financial landscape of 2026.