Oman’s Jan oil output crosses 30mn mark

Muscat - 

Oman’s total oil and condensate production in January reached 30.08mn barrels, representing a daily average output of 970,268 barrels, according to the monthly report issued by the Ministry of Oil and Gas on Wednesday.

The sultanate exported total 23.32mn barrels of crude in January with a daily average of 752,290 barrels. China continued to remain the largest buyer of Oman’s crude with a share of 78.8 per cent of total oil exports. However, exports to China fell 8.4 per cent in January compared to December 2018 volumes, the report showed.

Oman’s crude export to India also declined 5.61 per cent in January from the previous month, while export to Japan increased 1.35 per cent. It is worth noting that oil demand has resumed from buyers in South Korea and the Philippines.

Average price for Oman crude future contract at the Dubai Mercantile Exchange (DME) rose 3.5 per cent in January compared with previous month. Official selling price of Oman crude during January (for March delivery) settled at US$59.36 per barrel, which was US$2.03 per barrel higher compared with previous month trading price.

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