São Paulo – The price and the greater production of oil resulted in a fiscal surplus of 1.469 billion Omani rials (US$ 3.8 billion) in the first four months of this year. In the same period in 2011, there was a fiscal deficit of 114.3 million rials (US$ 296.8 million), according to information disclosed on Wednesday (28) by the Ministry of Finance of Oman, published on site Emirates 24/7.
The surplus was only possible thanks to 33% growth in oil revenues, mainly due to exports, as government expenses grew approximately 25% in the period.
According to the ministry of Finance, revenues with the commodity in the first four months of this year totalled 3.286 billion rials (US$ 8.5 billion). In the same period in 2011, revenues obtained reached 2.42 billion rials (US$ 6.2 billion). Production rose from 883,100 barrels a day to 888,800 barrels a day in the same comparison.
The country was also benefited by the product cost. From January to April, the barrel of oil was traded at an average price of US$ 111. In the same period in 2011, the average was US$ 91.3. The government estimate was for the price of oil not to exceed US$ 75 in 2012.
The country has also obtained good results in the area of gas. Production at Sur Port doubled in the first four months of 2012. Revenues obtained from January to April were 687.1 million rials (US$ 1.7 billion), as against 330.3 million rials (US$ 974.3 million) in the same period last year.
The results early this year, however, should not be enough to guarantee the country a current account surplus in 2012. Finance ministry forecasts show that the government should receive US$ 8.8 billion rials (US$ 22.8 billion) in revenues, with expenses estimated at 10 billion rials (US$ 25.9 billion). The estimated deficit is 1.2 billion rials (US$ 3.1 billion).
In 2011, the country had a deficit of 1.85 billion rials (US$ 4.8 billion), as a result of greater wages and of the opening of work posts in public service, a response to Arab Spring protests.
*Translated by Mark Ament
