Oman’s oil production falls while exports rise
China was the major importer of the Sultanate's oil as 60% of the total oil exports were bought by the country
Oman produced 29.93mn 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, showing a drop of 2.97% in crude oil production compared to the previous month.
As many as 26.65mn barrels of crude oil was exported in January 2017, equivalent to 859,682 barrels per day, an increase of 4.54% compared to the previous month.
China was the major importer of the Sultanate’s oil as 60% of the total oil exports were bought by the country. This reflected a 27.89% drop from 64.16% of import by the country in December.
South Korea imported 16.68% of Oman’s crude oil exports in January, followed by 7.85% 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% 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.