Oman’s public financial performance showed significant improvement in the first half of 2026, with revenues climbing 13% year-on-year to around OMR 6.602 billion. This increase was primarily fueled by enhanced oil and gas revenues. The Ministry of Finance’s Fiscal Performance Bulletin highlighted that these revenues had risen from OMR 5.839 billion recorded in the same period of 2025. Specifically, net oil revenues saw a 10% boost, reaching OMR 3.332 billion, while net gas revenues experienced a significant surge of 32%, amounting to OMR 1.164 billion.
The country’s oil industry reported an average realized price of $74 per barrel, alongside an average daily production of approximately 1.074 million barrels. This robust energy sector performance has been a key driver of the increased public revenue. On the expenditure side, Oman saw a 9% rise, with public spending climbing to OMR 6.619 billion from OMR 6.098 billion the previous year. Current expenditure alone accounted for OMR 4.369 billion, and development spending by ministries and civil units was recorded at OMR 798 million.
Despite the rise in expenditure, Oman managed to maintain its public debt relatively stable. By the end of the second quarter of 2026, the public debt stood at OMR 14.16 billion, a slight increase compared to OMR 14.12 billion in the same period the year before. This stability in debt levels, alongside revenue growth, underscores the strength of Oman’s fiscal management amidst increased spending.
The figures from the first half of 2026 reflect a period of sustained growth in Oman’s public finances, bolstered by stronger energy sector returns. As the government invests in development, the balance between rising revenues and controlled debt levels signifies a positive fiscal trajectory for the country. The continued increase in oil and gas revenues has provided a solid foundation for Oman as it navigates its economic strategies for the future.