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Oman has cash to spare

Budget surplus for first quarter of the year hits almost $2.4 billion on high oil prices.

June 14, 2010 3:59 by

Oman has confirmed a huge budget surplus for the first quarter of 2010, reports Reuters.

The oil and gas producer had a surplus of 912 million rials, according to the Ministry of National Economy’s monthly report, a figure equivalent to approximately $2.37 billion. In the same period last year the country had a surplus of 417 million rials.

The huge leap is attributed to record prices for crude oil. Since 2002, oil prices have increased seven fold, says the report, and Oman’s oil revenue soared by 55.8 percent compared to the same period in 2009, totaling 1.6 billion rials.

Total government revenue grew by 36.5 percent to 2.12 billion rials.

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