Figures released in the monthly report issued by the Ministry of Oil and Gas (MOG) showed that the sultanate’s crude oil production including condensates stood at 30.07mn barrels during March, with a daily average of 970,024 barrels.
Earlier in January this year, Oman’s oil and condensate production reached 30.08mn barrels, representing a daily average output of 970,268 barrels, MOG report showed.
According to the ministry, Asian markets received the bulk of the Omani crude oil exports during March. China continued to remain the largest buyer of Oman’s crude with a share of 81.37 per cent of total oil exports. Crude oil exports from Oman to China rose marginally (0.17 per cent) in March as compared to February.
On contrary to this, crude imports from Oman by Japan and India went down by 2.77 per cent and 2.47 per cent, respectively. Japan had 3.88 per cent share in Oman’s total crude oil exports while India’s share stood around 5.44 per cent in overall crude oil exports from the sultanate.
Tanzania, which recently resumed import of Omani crude, imported 1.56 per cent of the total crude shipped by the sultanate in March.
The average price for Oman crude oil future contracts at the Dubai Mercantile Exchange (DME) witnessed an increase of 3.9 per cent in March compared with the previous month. The official selling price for Oman crude oil during March (for May delivery) settled at US$66.98, an increase of US$4 2.50 compared with April delivery prices. The trading price ranged between US$68.31 per barrel and US$65.30 per barrel.
The high price of crude oil during March is mainly attributed to factors such as power outage in Venezuela reducing the supply in the market and also due to the sanctions imposed by the US. Prices were also supported by the continuation of the OPEC and its allies’ agreement to cut production for six months starting from January.