Tuesday, April 23, 2024
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Tuesday, April 23, 2024
Today's News

Oman’s oil output up 2.6% in Q1 but exports drop 6.8%

Oman’s oil output up 2.6% in Q1 but exports drop 6.8%

Oman’s total oil exports stopped by 6.8 per cent during the first three months of 2023.

Muscat– Oman’s day-to-day standard production of crude oil raised to 1.064 mn barrels per day (bpd) during the very first quarter of 2023, up by 2.6 per cent in contrast to 1.036 mn bpd outcome tape-recorded in the exact same period of in 2015.

The sultanate’s total oil manufacturing in the initial 3 months of this year grew by 2.6 percent to 95.7 mn barrels compared to 93.3 mn barrels in the very same period of 2022, according to the stats launched by the National Centre for Statistics as well as Details (NCSI).

Of the overall production, unrefined outcome enhanced by 2.2 per cent year-on-year to 75.3 mn barrels throughout the very first quarter, while condensates outcome increased 4.1 percent to 20.4 mn barrels throughout January– March period.

Nonetheless, Oman’s complete oil exports stopped by 6.8 per cent during the initial three months of 2023 to 76.04 mn barrels as compared with 81.6 mn barrels recorded in the matching period of 2022, the NCSI data revealed.

The sultanate’s total oil manufacturing for the full year 2022 raised by virtually 10 percent to 388.4 mn barrels contrasted to 354.5 mn barrels in 2021.

Exports to China rise

Increased exports to China, the biggest buyer of Oman’s crude, mostly driven the development in Oman’s overall oil exports. Oman’s oil deliveries to China made up more than 90 percent of the sultanate’s overall oil exports during the initial quarter of this year.

Complete exports to China grew by 8.6 percent to 69.8 mn barrels throughout the very first quarter of 2023 contrasted to 64.3 mn barrels recorded in the very same period of 2022.

On the other hand, exports to India dove by 86 per cent to simply 1.7 mn barrels in the first three months of this year from 12mn barrels in the exact same period of 2022.

The average cost at which Oman offered its crude during the very first quarter of 2023 increased 3.2 percent to US$ 81.5 per barrel versus US$ 79 per barrel taped in the exact same duration of 2022. The ordinary price for March increased to US$ 80.9 per barrel from US$ 77.4 in February, the NCSI information showed.

Recently Oman crude rate at the Dubai Mercantile Exchange (DME) reached to its highest level in the more than five months, mainly supported by the OPEC+ manufacturing cuts and also expectations of a tighter oil market.

The shock production cuts revealed by the OPEC+ alliance at the start of April offered a big boost to worldwide oil rates that had actually glided to a 15-month lows in March complying with the financial industry situation in the US and the resulting worries of a contamination to various other areas as well as possession classes.

Oman crude rates continued to be over the US$ 80 per barrel mark during April after the announcement by OPEC+ to carry out added cuts till completion of the year.

Last Updated: 26 April 2023

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