Oman’s crude production crosses 29mn barrels

  • Oct 15, 2019
  • Investing

Oman’s total production of crude oil and condensate throughout September 2019 reached 29.18 million, with a daily average of 972,750 barrels.

The total exported quantities of Oman crude oil during September 2019 reached 25.25 million barrels, with a daily average of 859,290 barrels, the Ministry of Oil and Gas said in its monthly report.

Chinese imported volume of Oman’s crude oil during the month, was 77.96 per cent of the total exports of Omani crude oil, compared with the previous month (August 2019). In contrast, Japan, Myanmar and India’s imports of Omani crude fell sharply compared with August quotas. On a different note, import list witnessed demand from South Korea and Tanzania also.

The crude oil prices have jumped during September 2019 futures settlement compared with August 2019 for the major crude oil benchmarks around the world. The West Texas Intermediate (WTI) crude oil at the New York Mercantile Exchange (Nymex) averaged $56.89 a barrel, up by $2.09 compared to August 2019 trading. With the same trend, North Sea Brent blend on the ICE in London averaged $62.29 a barrel, up by $2.87 only compared to August 2019.

Likewise, the average monthly price for Oman Crude Oil Future’s Contract at the Dubai Mercantile Exchange (DME) jumped by 3.6 per cent compared with previous month. The official selling price (OSP) for Oman Crude Oil during September 2019 trading, for the delivery month of November 2019, settled at $61.81 per barrel, an increase by $2.14 per barrel compared to November 2019 delivery. Where the daily trading marker price ranged between $57.29 per barrel, and $68.44 per barrel.

The crude oil prices during September 2019 increased by several factors, and the most notable factor was the falling of US crude oil inventories, as well as the agreement of the Organisation of Petroleum Exporting Countries (Opec) and its allies to extend crude production cuts to support oil prices. The drone attacks on the Khurais oil field and the Abqaiq crude processing plant also contributed to the rise in prices this month, which cut the kingdom’s output by half.

Source: Times Of Oman