Oman’s public finances saw a notable improvement in the first half of 2026, with revenues climbing by 13% compared to the same period in the previous year. The Ministry of Finance’s Fiscal Performance Bulletin reported that total public revenues reached approximately OMR 6.602 billion by the end of the second quarter, up from OMR 5.839 billion in 2025. This growth was largely attributed to increased revenues from oil and gas, with net oil revenues rising 10% to OMR 3.332 billion and net gas revenues soaring by 32% to OMR 1.164 billion.
The country benefited from an average realized oil price of $74 per barrel, alongside an average daily oil production of about 1.074 million barrels. This boost in energy revenues played a significant role in supporting the growth of Oman’s public finances, despite an uptick in government spending during the same period.
Public expenditure also saw an increase, reaching OMR 6.619 billion, which marks a 9% rise from the previous year’s OMR 6.098 billion. The increase in spending was mainly driven by current expenditure, which escalated to OMR 4.369 billion, and development spending by ministries and civil units, which amounted to OMR 798 million.
Despite the rise in both revenues and expenditures, Oman managed to maintain its public debt levels relatively stable. By the end of the second quarter of 2026, the public debt stood at OMR 14.16 billion, slightly up from OMR 14.12 billion during the same period the previous year. This stability indicates a balanced approach to managing the country’s finances, even amidst increased spending.
The fiscal data highlights a period of continued growth for Oman, supported by stronger energy sector revenues. While government expenditure has risen, the stability in public debt underscores a measured financial strategy, reflecting positively on the country’s economic management during the first half of 2026.