Muscat: Oman’s crude oil exports grew by 6.2 per cent to 190.71 million barrels in the first seven months of 2016, thanks to increases in production.
However, the average price of Oman Crude fell by 39.9 per cent to $36.4 per barrel in the overseas markets in the first seven months of 2016, from $59.9 per barrel in the same period last year.
Further, the Sultanate’s production of crude oil and condensates grew by 3.2 per cent to 213.40 million barrels in the first seven months, against 206.71 million barrels for the same period in 2015. This was equivalent to an average daily production of 1,001,900 barrels this year.
As a result of the dip in oil prices, net oil revenues for the first half of 2016 plunged by 47.7 per cent to OMR1,489.3 million, from OMR2,846.8 million in the same period last year.
Meanwhile, China continued to maintain its lead among top importers of Omani Crude, with a share of 75.20 per cent or 143.39 million barrels, according to the latest statistics released by the National Centre for Statistics and Information (NCSI).
The imports of Oman Crude by China edged up by 2.9 per cent in the first seven months. Imports to China were followed by Taiwan, United States, South Korea and Japan.
The country’s natural gas production and imports grew by 6 per cent to 24,025 million cubic meters (MNCM) in the first seven months of 2016, from 22,666 MNCM in the same period last year.
Of this, while non-associated gas production and imports surged ahead by 6.6 per cent to 19,897 MNCM, associated gas generation moved up by 3.3 per cent to 4,128 MNCM, according to the monthly report of NCSI.
A sizeable portion of natural gas in Oman is used by various mega-industrial projects, which stood at 13,579 MNCM for the period under review.