Oman registers 119 pct growth in budget surplus in Q1

The budget surplus of Oman reached 912 million rials (2.37 billion U.S. dollars) in the first quarter of 2008, representing a growth of 119 percent compared with the same period of 2007, the Omani daily Observer reported on Sunday.
The rapid growth in the Gulf country's budget surplus was largely due to the soaring oil prices, according to the report.
Oman's oil revenue hit 1.6 billion rials (4.2 billion U.S. dollars) in the first quarter of this year, up 55.8 percent over the same period of 2007, a report by the Ministry of National Economy said.
The average price of Omani crude surged to 88.11 dollars per barrel for the first four months of 2008 from 56.89 dollars per barrel for the same period of last year.
Oman's daily average crude oil production, including condensates, reached 743,300 barrels for the four-month period of 2008, increasing by 4.1 percent from 714,200 barrels for the same period of 2007.
Source:Xinhua