Crude oil production in Oman falls 3% to 30m barrels in January

Oman produced 29.93 million barrels of crude oil in January, equivalent to 965,617 barrels per day, according to a monthly report released by the Ministry of Oil and Gas.

This shows a drop of 2.97 percent in crude oil production, compared to December 2016. 

As many as 26.65 million barrels of crude oil was exported in January 2017, equivalent to 859,682 barrels per day, an increase of 4.54 percent compared to the previous month.

China was the major importer of the Sultanate’s oil as 60 percent of the total oil exports were bought by the country. Thisreflected a 27.89 per cent drop from 64.16 per cent of import by the country in December.

South Korea imported 16.68 per cent of Oman’s crude oil exports in January, followed by 7.85 per cent imported by Malaysia which was an increase when compared to the previous month.

India and Japan recorded a drop in their imports last month.

There was a noticeable increase in global crude oil prices where the West Texas Oil at the New York Stock Exchange (NYMEX) was priced at $53.16 per barrel, an increase of 32 cents.

The crude oil price of Brent Oil at the Intercontinental Stock Exchange (ICE) in London was recorded at $55.45 per barrel, a 53 cent increase compared to December 2016.

Oman crude oil witnessed an increase of 2.3 per cent at the Dubai Mercantile Exchange where the average price for futures contract in March 2017 was $53.93 per barrel, an increase of $1.21.

Source :Times Of Oman