Oman’s fiscal deficit shrank to $60mn last quarter, down from $350mn during the same period last year, Ministry of Finance data shows. A 13% jump in revenues to $7.75bn outpaced increased spending (MEES, 9 January).
Revenues should increase sharply this quarter, as higher oil prices caused by the Hormuz crisis hit the balance sheet. There is a three-month delay between oil sales and revenue collection, and as such March revenues were from December oil sales. Oil sold in March, when the price of Omani crude soared, will be shipped in May and revenue collected in June. (CONTINUED - 151 WORDS)