Oman’s oil production reaches 1mn barrels per day in November

Muscat - 

Oman produced total 30.03mn barrels of crude oil and condensates in November, recording a daily average output of 1mn barrels during the month.

According to the monthly report issued by the Ministry of Oil and Gas, total exported quantities of Omani crude during November reached 22.74mn barrels, a daily average of 758,219 barrels. Asian countries received the bulk of the Oman’s oil exports during November. China continued to remain the biggest buyer of Oman’s crude, accounting for 91.64 per cent of the sultanate’s total oil exports in November. Japan purchased 3.79 per cent of Oman’s total oil exports in November, a decrease from the previous month. However, imports by India and Malaysia grew during the month.

Oil prices witnessed sharp decline during November trading compared with October for the major crude oil benchmarks around the world. Average price of Oman crude oil future contracts at the Dubai Mercantile Exchange witnessed a decline of 17.4 per cent in November compared with previous month. The official selling price for Oman crude during November (for January 2019 delivery) settled at US$66.28 per barrel. The price of Oman crude ranged between US$58.64 per barrel and US$73.7 per barrel in November.

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