By the end of the second quarter of 2026, Oman experienced a notable increase in public revenues, which climbed by 13% year-on-year to around OMR 6.602 billion. This financial upswing was largely fueled by a rise in oil and gas revenues. Compared to the same period in 2025, when public revenues were OMR 5.839 billion, the energy sector’s contribution was significant. Specifically, net oil revenues increased by 10% to reach OMR 3.332 billion, while net gas revenues saw a remarkable jump of 32%, totaling OMR 1.164 billion.
Oil production in Oman during this period realized an average price of $74 per barrel, with daily production levels averaging approximately 1.074 million barrels. This performance in the energy sector substantially supported the growth in public finances. Alongside the revenue increases, public expenditure also rose, reaching OMR 6.619 billion, marking a 9% increase from the previous year’s expenditure of OMR 6.098 billion.
Breaking down the expenditure, current spending accounted for OMR 4.369 billion, while development projects undertaken by ministries and civil units amounted to OMR 798 million. Despite the rise in both revenues and expenditures, Oman managed to maintain its public debt at a relatively stable level. The public debt was recorded at OMR 14.16 billion, which shows a slight increase from OMR 14.12 billion during the same timeframe in the previous year.
These financial figures highlight a period of continued growth in Oman’s economy, bolstered by robust energy revenues. The government’s strategy seemed to balance increased spending with stable debt levels, indicating an effort to sustain economic momentum through the first half of 2026. This fiscal performance underscores the critical role of the energy sector in driving the Sultanate’s economic progress.