Although Oman’s oil production increased by 3.5% to 929,000 b/d in the first five months of 2013 compared to the same period of 2012, oil revenue was more or less flat at OR4.45bn ($11.58bn), according to Oman’s National Center for Statistics and Information. The statistics centre attributed this to a 5.2% fall in the average oil price of Omani crude to $107.56/B in the first five months of 2013. Gas revenue for Jan-May was down by 21.6% to OR606mn ($1.58bn).
Thus Oman’s overall government revenue in the first five months of 2013 fell by 1.5% to OR6.01bn ($15.63bn) from the corresponding period of 2012. Total expenditure during the period under review in 2013 increased by 3.6% to OR4.69bn ($12.19bn) from the same period of 2012, with investment expenditure rising by 8.4% to OR1.07bn ($2.78bn) in the first months of 2013. (CONTINUED - 525 WORDS)