Oman’s general budget for 2023 estimates oil price at $55 per barrel

Muscat, The Gulf Observer: Oman’s general budget for 2023 will be approved at a oil price of $55 per barrel, the Minister of Finance said in a statement.

This came during a media presentation of the state’s general budget for the year 2023, with the participation of several departments, including the Ministry of Economy, the Ministry of Commerce, Industry and Investment Promotion, and the Oman Investment Authority.

The Ministry of Finance estimates that the 2023 budget deficit will amount to about OMR1.3 billion, constituting 11 percent of total revenues and 3 percent of the GDP.

Preliminary estimates for the 2023 budget show that total public spending is estimated at OMR12.950 billion, up by 7 percent from the approved spending in the 2022 budget.

The Ministry of Finance also estimates that the total initial public revenues for the state’s general budget for the year 2023 were estimated at about 11 billion and 650 million Omani rials, up by 10 percent from the approved budget for the year 2022.