Crude oil production in Oman rises to 30m barrels in April

Crude oil production in Oman edged up by 1.57 per cent at 29.83 million barrels in April this year, which is equivalent to 994,303 barrels per day.

The country’s crude oil exports touched 26.99 million in April – an average of 899,637 barrels per day, recording a fall of 2.86 per cent compared with March 2016 exports, according to the Ministry of Oil and Gas.

China’s imports of Omani oil have recorded a 4.16 per cent drop, against March 2016 export volume. However, Taiwan, India and the United States have increased their imports from Oman last month, rising import volumes by 4.53 per cent, 4.43 per cent and 1.11 per cent, respectively, over March.

In April, the Philippines imported nearly 2 per cent of the total export volumes of Oman Crude, which indicates continuous demand for Omani oil.

The import volume of Oman Crude by Japan and South Korea has dropped in varying degrees.

New Zealand has returned to the list of countries importing Oman Crude, by importing 1.48 per cent of total exports of Oman Crude.

Crude oil prices witnessed a reference around the world crude increased significantly during April 2016 of continuing on the same rate of increase of March 2016,

The average price of West Texas American in the New York Mercantile Exchange ruled at $42.01 per barrel, up by $2.89, compared to March 2016.

While the average blend North Sea Brent at the Intercontinental Exchange in London stood at$43.33 a barrel, up by $3.54 compared to March 2016.

Oman Crude rate has also increased in the Dubai Mercantile Exchange futures market for more than 8 per cent compared with last month. Omani oil average price for delivery in June 2016 stood at $39.40 a barrel, up by $3.06 compared to the price of delivery in May 2016.

Source: Times Of Oman