By the close of the second quarter of 2026, Oman witnessed a 13% rise in public revenues, reaching around OMR 6.602 billion, primarily fueled by an uptick in oil and gas income. This marks an increase from the OMR 5.839 billion recorded during the same timeframe in 2025, as reported in the Fiscal Performance Bulletin released by the Ministry of Finance. Notably, net oil revenues climbed 10% to OMR 3.332 billion, while net gas revenues saw a significant surge of 32%, amounting to OMR 1.164 billion.
The country’s economic growth during this period was bolstered by an average realized oil price of $74 per barrel, with average daily production levels hitting about 1.074 million barrels. On the expenditure side, Oman also saw an increase, with public spending rising to OMR 6.619 billion, a 9% rise from the OMR 6.098 billion recorded a year earlier. Current expenditure accounted for OMR 4.369 billion of this total, while development spending by ministries and civil units amounted to OMR 798 million.
Despite the higher expenditures, Oman managed to maintain its public debt levels relatively stable. By the end of the second quarter, the public debt stood at OMR 14.16 billion, which was only slightly higher than the OMR 14.12 billion recorded in the corresponding period the previous year. This stability in public debt, despite increased spending, underscores the positive impact of enhanced energy revenues on the country’s financial health.
The first half of 2026 reflects a period of continued growth in Oman’s public finances, driven by robust energy sector performance. The increase in government revenue has been pivotal in supporting economic development, even as public expenditure expanded. Oman’s ability to stabilize its debt while increasing both revenue and expenditure highlights the effective management of its fiscal policies amidst fluctuating global energy markets.