Increased spending squeezed Oman’s Q3 budget surplus despite revenues increasing to their highest level in more than eight years. The quarterly surplus dropped from $1.12bn in Q2 to $877mn last quarter as a result, latest government figures show.

After nine months, Oman’s year-to-date surplus stands at $2.92bn, a marked reversal in fortunes from the same period last year when the sultanate accrued a $2.66bn deficit. The turnaround is due to the global energy crisis sparked by Russia’s February invasion of Ukraine, although even prior to that, Oman had appeared to be in with a good chance of generating its first annual surplus since 2008. (CONTINUED - 916 WORDS)