Oman’s oil production touches 27m barrels

Business Saturday 17/March/2018 15:19 PM
By: Times News Service
Oman’s oil production touches 27m barrels

Muscat: Oman’s crude oil and condensate production for February 2018 reached 27,075,580 barrels, with a daily average of 966,985 barrels, according to the monthly report issued by the Ministry of Oil and Gas.
The total exported quantities of Oman’s Crude Oil in February 2018 amounted to nearly 22,814,105 barrels, with a daily average of some 814,789 barrels, which is a 0.77 per cent increase compared with the daily average in January 2018.
Meanwhile, Omani Crude Oil imported by China dropped by 2.37 per cent compared with January 2018, bringing China’s share of Omani crude oil export in February to some 73.74 per cent.
On the other hand, India’s imports of Omani crude oil leaped by 5.97 per cent in comparison with the previous month. Demand for Omani crude oil also rose among buyers in Japan and Malaysia by 2.2 and 2.19 per cent respectively.
Compared with the January 2018 closings, however, crude oil prices saw a weakening trend in February for all the main global benchmark crudes.
The average price for West Texas Intermediate (WTI) crude oil at the New York Mercantile Exchange (Nymex) amounted to $62.04 per barrel, down by $1.58 compared with January.
Average North Sea Brent at the InterContinental Exchange (ICE) in London amounted to $65.73 per barrel, crashing by $3.35 compared with the previous month's trading.
With the same bearish trend, the average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) dropped by 5 per cent compared with last month. The official selling price for Omani Crude Oil in February 2018, to be delivered in April, reached just over $63, which is a dip of $3.31 compared with the official selling price in March.
The daily trading prices ranged between $59.77 and $67.31 per barrel. The decline in crude oil prices during February was attributed to several factors that directly and negatively impacted the prices, including the increased oil production in the United States of America to over 10 million barrels per day, for the first time since 1970.
Additionally, the increase in the number of American drilling rigs and the currency exchange value of the US dollar were also contributing factors.