Oman's daily oil production touches 671,275 barrels in July

Muscat: The Sultanate’s average daily production of crude oil during July 2020 has reached 671,275 barrels, the monthly report by the Ministry of Oil and Gas indicated.
The July daily oil production average has dropped by 1.85 per cent month-on-month basis compared with June 2020 daily production average.
Furthermore, the average daily exported quantities of Oman Blend crude oil was 778,012 barrels, dropped by 13.5 per cent compared with last month.
During July, out of the total Oman Export Blend, China’s imports has decreased by 5.47 per cent m-o-m, compared with June 2020 to reach 88.81 per cent. Whereas India's imports of Oman Export Blend crude oil increased by 9.25 per cent to reach 11.19 per cent.
Oil prices for all reference crude oil grades around the world have experienced a bullish trend during the trading days of July 2020 - for September 2020 delivery- compared with the trading of June 2020. The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at $40.91 per barrel, an increase of $2.42 only. Whereas the average price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London averaged $43.22 per barrel, a rise by $2.45 only compared with trading during July 2020.
The average price of Oman’s Crude Oil futures contract at the Dubai Mercantile Exchange similarly increased by 4.9 per cent compared with the previous month. The monthly official selling price for Oman crude oil for September 2020 delivery – traded during July 2020 - was announced to be $43.62 per barrel, increased by $2.03 compared with June 2020 official selling price. The daily trading marker price ranged between $42.73 per barrel and $44.98 per barrel.
Crude oil prices experienced overall optimistic sentiments during the trading of July 2020 due to several factors, which had a direct and positive impact on prices.
The main factors that supported positive trading sentiments were some of OPEC+ countries curbing their production to more than what was agreed. In addition, oil flows to Asia rise for a third consecutive month, reflecting healthier demand. Moreover, data showed that US oil companies have reduced the number of oil rigs month on month, which reflects the expectation of lower production growth in the USA.