Oman’s public finances saw a notable improvement in the first half of 2026, with revenues climbing by 13% year-on-year to reach around OMR 6.602 billion. This growth was largely fueled by increased oil and gas revenues, as outlined in the Ministry of Finance’s Fiscal Performance Bulletin. Compared to the same period in 2025, when revenues were OMR 5.839 billion, the rise underscores a significant boost in the country’s energy sector.
Within this revenue uptick, net oil revenues experienced a 10% rise, amounting to OMR 3.332 billion, while net gas revenues surged by an impressive 32%, reaching OMR 1.164 billion. The average realized oil price during this period was $74 per barrel, with daily production averaging about 1.074 million barrels. These figures highlight the robust performance of Oman’s oil sector during this period.
Alongside rising revenues, Oman’s public expenditure also saw an increase, growing by 9% to OMR 6.619 billion, from OMR 6.098 billion the previous year. Current expenditure stood at OMR 4.369 billion, and development spending by ministries and civil units amounted to OMR 798 million. This increase in spending reflects the government’s continued investment in development projects and essential services.
Despite the uptick in expenditures, Oman’s public debt remained relatively stable, recorded at OMR 14.16 billion as compared to OMR 14.12 billion during the same period last year. The stability in debt levels indicates a balanced approach to managing the country’s fiscal responsibilities amidst rising expenditures.
The data from the first half of 2026 paints a picture of ongoing growth in Oman’s public finances, bolstered by the strength of the energy sector. As revenues continue to rise, the government also maintains its focus on development spending, suggesting a strategic alignment of fiscal policy to support economic growth.