The Omani government posted a budget surplus of RO784 million ($2.04 billion) at the end of the first half of 2022, Oman’s state news agency reported on Sunday.
The Gulf Arab state’s oil revenues increased to RO3.187 billion by the end of first half, the report added.
Public spending rose 8.6 per cent to RO5.94 billion year on year, the Ministry of Finance said in a statement on Sunday. Total public debt was down RO2.2 billion from the end of last year to RO18.6 billion, the ministry said.
Gulf oil producers have benefited from the sharp rise in oil prices, which surged past $100 a barrel after Russia’s invasion of Ukraine in late February exacerbated concerns about disruptions to global energy supply.
Oman, rated junk by ratings agencies, bought back more than $700 million of its bonds in June, a move S&P said “supports improving metrics”. — Reuters
Brent crude and US West Texas Intermediate (WTI) prices slid to eight-month lows on Monday, last trading around $85 and $78, respectively
While global growth this year was still expected at three per cent, it is now projected to slow to 2.2 per cent in 2023, revised down from a forecast in June of 2.8 per cent
In the OECD guidelines, five TP methods have been proposed to assess the arm-length price, which can be categorised into traditional transaction methods, and transactional profit methods
Adnoc to provide liquefied natural gas to the country by late 2022 as part of agreement
On offer is about 550.7 million shares, representing 11 per cent of the company, according to the issued prospectus.