China remains largest importer of Omani crude oil

Business Monday 05/August/2019 18:19 PM
By: Times News Service
China remains largest importer of Omani crude oil

Muscat: China continues to be the largest importer of Omani crude oil and condensates, government data has revealed.
According to the 2018 annual report released by Oman’s National Centre for Statistics and Information (NCSI), China accounted for 83.1 percent of all crude oil and condensate imports from Oman, amounting to 240.4 million barrels.
India was a far second, with just 7.6 percent of crude oil imports, or 21.9 million barrels, while Japan imported 5.8 percent of Omani crude and condensates, about 16.9 million barrels.
China was also Oman’s leading importer of oil in 2017 when it accounted for 76.9 percent or 226.3 million barrels and in 2016 when 78 percent of oil exports (251.1 million barrels) from Oman went to China.
The NCSI said in their annual report, “The Sultanate’s production from refineries and petroleum industries increased by 23.5 percent in 2018 to reach 113.2 million barrels, compared with about 91.7 million barrels in the previous year.”
In 2018, Oman produced 357.1 million barrels of oil, of which 289.3 were exported. Production decreased slightly (354.3 million barrels) and exports increased slightly (294.2 million barrels) in 2017. Production was a bit higher in 2016 (367.3 million barrels), as were exports, which stood at 321.9 million barrels.
The annual average price of crude oil in 2018 stood at $69.7, significantly up from $51.3 in 2017, $40.1 in 2016 and $56.5 in 2015. In 2014, this number stood at $103.2. There are currently nine crude oil-producing companies in Oman. On average, Oman produced about 978,400 barrels of crude oil a day in 2018, up from 970,600 in 2017.
Oman’s average daily export of oil stood at 792,600 barrels a day in 2018, down from 806,100 in 2017, 879,600 in 2016, 844,200 in 2015 and 800,400 in 2014.