Oman recorded a $923mn budget surplus for Q1 2022, the largest surplus since 1Q 2014. Oil exporters around the region are notching up multi-year high budget surpluses, but the move into the black is especially notable for Oman which was struggling to achieve budget surpluses even in the previous era of $100/B oil prices.

This was only the third quarterly surplus Oman has managed since early 2014, and it far outstrips the $200mn figure achieved in Q3 last year. It is also a massive improvement on the $1.95bn deficit for Q1 last year. (CONTINUED - 879 WORDS)