Oman's crude and condensates production rises in May

Muscat: Oman's total crude and condensates production during May 2017 stood at 30,001,819 barrels, a daily average by 967,800 barrels.
The total quantities of crude oil exported abroad during May 2017 stood at 24,813,940 barrels, a daily average of 800,450 barrels, comprising a rise by 5.58 per cent compared to April 2017 when calculating the daily average.
The report said that the imported quantities by China comprised 80.74 per cent, a decline by 14.86 per cent compared to April 2017.
The import quantities by Taiwan rose by 3.16 per cent, while the imported quantities by Malaysia stood at 7.66 per cent, the Philippines 2.02 per cent and Japan 2.01 per cent.
The report pointed out that the price of crude oil for the reference oil around the world witnessed a remarkable decline during May 2017 compared to the previous month.
The average price of West Texas crude grade in New York stood at $48.80 per barrel comprising a decline by per cent 2.61 in April 2017.
The average price of North Sea Brent grade reached $51.39 a barrel, constituting a decline by $2.43 per barrel over April 2017.
The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined by 4.3 per cent compared with last month. Oman oil price (July Delivery 2017) stood at $50.55 a barrel, comprising a decline by $2.27 compared to June delivery 2017.
It averaged between $48.26 a barrel and $52.88 a barrel.
The international benchmark for prices of reference oil for May 2017 declined compared to April 2017 due to a number of factors that have direct and negative on prices, including an increase in crude oil production in the USA, Canada and Libya, recovery of the drilling activities in the USA and the decline in prices by 5 per cent as OPEC decision about production cut extension came below expectation and disappointing for some investors who were looking for a longer time frame and larger cuts.