Oman’s total crude oil and condensates production during May 2016 stood at 30.10mn barrels, a daily average of 999,836 barrels, according to the monthly report published by the Ministry of Oil and Gas.
In comparison, daily production in May rose by 0.56% from April.
The total quantities of crude oil exported abroad during May stood at 26.94mn barrels, a daily average of 869,007 barrels, registering a decline of 10.45% compared to April 2016 while calculating the daily average.
The report said that while the imported quantities by China still constitute the major chunk of the Oman’s crude oil exports (60%). In terms of major countries that imported Omani crude oil, China was followed by USA (14.02%), Japan (13.54%), India (3.76%) and Taiwan (3.80%).
The report added that the price of crude oil witnessed a remarkable increase during May 2016. It continued its upward trend for the settlement price in May; up by more than $4 per barrel compared to the settlement price in April.
The trading of Oman Crude Oil Future Contract on Dubai Mercantile Exchange (DME Oman) rose by more than 12.5% compared with April 2016. Oman oil price (July Delivery 2016) stood at $44.33 a barrel, comprising a rise by $4.93 compared to June delivery 2016. It averaged between $46.46 a barrel and $41.12 a barrel.
This increase in the settlement price can be attributed to a number of key factors that have direct effect on prices including but not limited to decrease in USA reserves, the US dollar exchange rate, the decrease in production by Nigeria, Libya and Venezuela, in addition to decreased production from Canada due to fires.
