Oman pays off 6.2% of total debt in Q1 2023

Oman has repaid USD 2.86 billion in loans in Q1 2023 on the back of heightened oil prices, the Omani ministry of finance announced on Monday.

The move brings the country’s national debt down from USD 45.7 billion at the end of 2022 to USD 42.8 billion.

Public revenue at the end of February 2023 was USD 5.52 billion, up by 12% compared to the same period in 2022 due to an increase in oil and gas revenues.

The shift is attributed to heightened oil prices that sat at an average of USD 86 per barrel over the same period, up from USD 81 per barrel in the same period in 2022.

Additionally, the country increased its oil production to 1.06 million barrels per day.

Oman’s oil and gas revenues represent 78% of its public income.

Earlier in April 2023, the country joined other OPEC+ members in agreeing to cut oil outputs. Under the agreement, Oman will cut its oil production by 40,000 bpd beginning in May 2023.