Latest news with #oilrevenues
Zawya
4 days ago
- Business
- Zawya
Oman posts $1bln surplus on oil gains
MUSCAT: Oman posted a fiscal surplus of RO 540 million at the close of 2024, outperforming initial expectations and reversing a projected deficit of RO 640 million. The stronger-than-anticipated outcome was fuelled by robust oil revenues and disciplined expenditure, reinforcing the Sultanate's progress towards fiscal sustainability under Oman Vision 2040. Citing the audited financial performance of the State General Budget for 2024, the Ministry of Finance noted that total state revenues reached RO 12.78 billion, representing a 16 per cent increase over the budgeted RO 11.01 billion. The uptick was largely attributed to favourable oil market dynamics. Oman's average oil price stood at USD 82 per barrel—well above the assumed USD 60—adding significant upside despite a decline in production volumes. Daily output averaged 997,000 barrels, compared to the budgeted 1.031 million barrels per day, reflecting Oman's continued adherence to voluntary OPEC+ cuts. Oil revenues rose by 26 per cent year-on-year to RO 7.45 billion, while gas revenues climbed to RO 1.82 billion, marking a 16 per cent gain from budget estimates. Non-oil revenues remained broadly stable at RO 3.51 billion, marginally below expectations. On the spending side, total public expenditure reached RO 12.24 billion, exceeding the original allocation of RO 11.65 billion by five per cent. The rise in expenditure was driven primarily by a surge in development spending, which grew by 31 per cent to RO 1.5 billion. Contributions and other payments increased 14 per cent to RO 2.2 billion, while current expenditure was maintained within target, declining slightly to RO 8.53 billion. The Ministry of Finance stated that the increase in development spending reflects the government's ongoing efforts to support infrastructure expansion, social protection, and economic diversification. Additional spending was directed towards accelerating project delivery, enhancing public services, and stimulating domestic growth—all core objectives under Oman Vision 2040. In parallel with its revenue performance, Oman made further progress on debt reduction. More than RO 660 million in public debt repayments were made during the year, bringing total outstanding debt down to approximately RO 14.6 billion. Additionally, over RO 1.6 billion in private sector obligations were fully settled through the automated financial cycle system, helping improve liquidity and bolster confidence among contractors and service providers. The Ministry affirmed its commitment to responsible fiscal management and stated that the 2024 performance demonstrates the effectiveness of its macro-fiscal strategy. The combination of higher revenues, contained spending, and debt reduction enhances Oman's credit outlook and positions the economy for greater resilience in the years ahead. As oil markets stabilise and domestic reforms advance, Oman's ability to generate fiscal space while investing in development priorities signals growing alignment with its long-term transformation goals. The 2024 budget execution stands as a key milestone in the country's journey towards balanced growth and economic diversification.
Daily Mail
10-05-2025
- Politics
- Daily Mail
Kier Starmer vows to destroy Putin's 'shadow fleet' surveying UK waters amid fears Russia could cause 'worldwide internet blackouts' by sabotaging undersea cables
Britain is banning Russia 's 'shadow fleet' from its waters to protect undersea cables, Sir Keir Starmer said yesterday. It comes amid fears Vladimir Putin is using private mercantile ships, 'masterminded by his cronies', for reconnaissance and even sabotage missions. The move, part of the largest ever sanctions package against the Kremlin, is also aimed at stopping tankers smuggling Russian oil in defiance of a ban. Moscow was accused of sabotaging gas pipes in the North Sea in 2022 and the Baltic in 2023, and No 10 said its shadow fleet ships were 'known to be damaging infrastructure'. A spokesman for the PM said action will be taken against 100 ships believed to have carried £18billion of cargo since the start of last year alone. Sir Keir, speaking in Oslo at a meeting of the Joint Expeditionary Force, vowed 'to destroy' Putin's shadow fleet and 'starve his war machine of oil revenues'. It is likely to involve threatening suspect, often 'decrepit and dangerous' ships with being boarded by the Royal Navy, and banning them from our ports. A parliamentary select committee published evidence that phone and internet cables are vulnerable to ships using mini- submarines to tap into them. A handout picture released by the Britain's Ministry of Defence (MOD) in London on January 22, 2025 shows Royal Navy Royal Navy of RFA Proteus (R) patrolling near the Russian vessel Yantar (L), in November 2024 Intelligence firm Windward AI identified 'a significant increase in high-risk vessel activity', with incidents up from 512 in 2020 to 1,000 last year. It said much of it was 'Russian state-backed vessels, often operating under the guise of research ships, fishing trawlers and service vessels'. Concerns the Russians are planning a sabotage operation have escalated since one of their spy ships, the Yantar, was detected mapping the UK's critical underwater infrastructure in the North Sea in recent months. Fears have also been raised about Chinese sabotage after a number of incident around Taiwan. In January, defence secretary John Healey described the outages as 'another example of growing Russian aggression'. He said: 'I also want President Putin to hear this message: we see you, we know what you are doing, and we will not shy away from robust action to protect this country.' Dubbed the 'backbone' of Britain, the UK depends on a vast network of gas pipelines, electrical cables and offshore energy hubs to function. But defence officials have become increasingly concerned they could be targeted. An attack on any one of these energy pipelines or communications cables could plunge Britain into chaos, disrupting every service, including the NHS. MPs on the joint committee overseeing the national security strategy have now launched an inquiry into the UK's ability to protect its subsea infrastructure from attacks. Russia, a world leader in submarine and undersea technology, routinely sends what it claims are 'research vessels' into waters around Britain and in the North Atlantic. By the Russian parliament's own admission, these vessels carry a host of technologies, including equipment 'designed for deep-sea tracking, as well as equipment for connecting to top-secret communication cables'. Some ships, including the notorious Yantar that was warded off by the Royal Navy after it was discovered loitering in the Irish Sea earlier this year, can also deploy unmanned underwater vehicles (UUVs) and mini-submarines to access internet cables and energy pipelines up to six kilometres deep. Military and government sources last month told the Sunday Times they suspected superyachts belonging to Russian oligarchs had also been involved in nefarious undersea operations. They claimed some of these ships are fitted with 'moon pools' - protected openings in a vessel's hull that allow crews to deploy and retrieve deep-sea diving equipment. Others are able to deploy mini-submarines and submersible crafts. This allows the stunning yachts to float innocuously on the surface of the water, all while underwater vessels dive deep to sabotage undersea cables or deploy reconnaissance equipment. In January, Nato dispatched a fleet of 10 ships to the Baltic Sea to protect Europe's crucial undersea cables. The ships, which are set to end their deployment this month, conducted patrols in the vicinity of energy pipelines and undersea data cables in an effort to monitor suspicious activity and deter any attempt to sabotage these vital assets. The move came off the back of a number of disruptions in the Baltic Sea that are widely believed to have been sabotage operations. In February, Swedish and Finnish police said they were investigating a suspected case of sabotage of an undersea telecoms cable in the Baltic Sea, while Sweden's coast guard deployed a vessel to the location where the damage occurred. Finnish operator Cinia said it had 'some time' earlier detected problems on its C-Lion1 link connecting Finland and Germany and that it had eventually received confirmation that the cable was damaged even as data traffic continued to flow. The incident marked the third time in just a few months that the C-Lion1 cable was damaged after it was completely severed in November and December of 2024. And on Christmas Day in 2024, the Estlink 2 undersea power cable connecting Finland and Estonia was damaged along with four telecoms lines. Finland seized the Cook Islands-registered Eagle S tanker on suspicion it caused the damage by dragging its anchor, adding that the ship was part of a 'shadow fleet' circumventing sanctions on Russian oil. Security experts have now argued that British households should follow the example of the EU, which has advised citizens to pack a three-day survival kit.
