Oman’s revenue rose to OR13.4bn ($34.8bn) for 2012, 52% higher than the OR8.8bn ($22.9bn) budget figure. Total expenditure at OR13.5bn ($35.1bn) was 35% above the budgeted OR10bn ($26bn), according to figures on the 2012 closed accounts announced by the Omani Ministry of Finance. A predicted deficit of OR1.2bn ($3.1bn) was all but eliminated, with an actual deficit of OR80.6mn ($210mn) coming in 93% lower.

The increase in total revenue is mainly is mainly due to oil revenue of OR9.8bn ($25.5bn), coming in 61% above the projected figure of OR6.1bn ($15.9bn). The 2012 budget was based on an oil price assumption of $75/B and average production of 915,000 b/d. (CONTINUED - 365 WORDS)