Oman recorded a budgetary surplus of 90 million rials in the first nine months of 2026, compared with a deficit of 433 million in the same period of 2025. Preliminary data released on November 11 by the Ministry of Finance show a faster increase in revenues than in expenditures, with an important role for gas.
Between January and September, government revenues reached 9,828 billion rials, up 16%. Expenditure increased by 9 per cent to $9.738 billion. The improvement in the balance thus reached 523 million rials over a year. These figures cover nine months and do not constitute the final result of the financial year 2026.
Gas already exceeds annual forecast
Net gas revenues reached 2.088 billion rials, up from 1.296 billion a year earlier, an increase of 61%. The Ministry explains this increase by increasing revenues from sales of liquefied natural gas and higher prices for Oman LNG cash sales.
At the end of September, this line represents 106 per cent of the annual budget forecast of 1.961 billion rials. Oil contributes $5.046 billion, up 7%. The average price actually obtained was $81 per barrel, compared with $72 over the comparable period of 2025.
Together, oil and gas provide 7.134 billion rials, or almost 73% of government revenues. The improvement of the accounts therefore remains strongly linked to hydrocarbons, even though other current revenues are also increasing by 7% to 2.614 billion.
Investment and aid continue to weigh
The return to the surplus does not result from a fall in expenditure over the nine months. Current expenditure is 6.621 billion rials. Development expenditure amounted to 1.224 billion, or 94 per cent of the 1.3 billion annual envelope. The Department attributes this pace to accelerating ongoing projects.
Contributions and other expenditures represent 1.723 billion rials. These include 486 million for social protection, 441 million for support to the electricity sector and 280 million for oil products.
A declining debt, a still narrow balance
Public debt stood at about 14.1 billion rials at the end of September, compared with 14.7 billion a year earlier. The Ministry reports a decrease of 601 million rials. It also indicates that it has settled over 1.434 billion private sector claims received with full documentation.
However, the surplus of 90 million represents less than 1% of the revenue received. The annual closure will therefore still depend on energy revenues and expenditure in the last quarter. The budget adopted provided for 11.447 billion in revenue and 11.977 billion in expenditure for the whole year, representing a deficit of 530 million rials.
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