Nine Dollars in 48 hours - Times Of Oman

  • Sep 17, 2019
  • Times of Oman

Muscat: Although the price of Omani crude oil has shot up by nearly $10 in two days, economists in the country say that the government will continue to push ahead with diversification to ensure that the country has a secure future, and help it withstand fluctuations in oil prices.

The price of Omani crude, according to the Dubai Mercantile Exchange, which sells it on the global markets, rose on 16 September from $59.25 to $64.56, reflecting a $5.31 increase in the price of Omani crude. It then rose to $68.44, an increase of $3.88 on 17 September.

This increase of $9.19 in a span of just two days has pushed the price of Omani crude close to the $70 mark and has taken place in the wake of the reported drone attacks on Saudi Arabian company Saudi Aramco’s refineries in the city of Abqaiq and the village of Khurais.

Saudi Arabia’s Minister of Energy, Prince Abdul Aziz bin Salman bin Abdul Aziz, said that the attack had led to a temporary output reduction of 5.7 million barrels, or 50 percent of the company’s production.