Oman’s oil exports rise 5.5% on increased China demand
Oil exports to China, biggest buyer of Oman crude, rose by 15.6% to 51.429mn barrels in the first two months of 2024
Oman’s oil exports increased by 5.5% during the first two months of 2024 despite a 4.3% decline in the country's total production.
The sultanate’s total oil exports increased to 52.430mn barrels during the January– February period of this year against 49.713mn barrels in the same period of 2023, according to the data released by the National Center for Statistics and Information (NCSI).
Most of the rise in Oman's oil exports can be attributed to a significant growth in shipments to China. Oil exports to China, the biggest buyer of Oman crude, rose by 15.6% to 51.429mn barrels in the first two months of 2024.
However, Oman did not export oil to India during the same period.
While crude exports to Japan fell more than 21% to just 1mn barrels during the first two months of 2024 from 1.267mn barrels a year ago, exports to South Korea remained zero during this period.
Oman sold its crude at an average price of $80.2 per barrel during the January–february period of this year, a decrease of two per cent from the $81.8 per barrel average price achieved in the corresponding period of 2023.
Oman’s total oil production decreased 4.3% to 60.073mn barrels during the first two months of 2024 from 62.750mn barrels recorded in the same period of last year. Crude oil production dropped 6.8% to 46.025mn barrels this year from 49.391mn barrels in 2023, while condensate production rose 5.2% to 14.047mn barrels, the NCSI data showed.
The sultanate’s daily average output was 5.9% lower at 1mn barrels per day (bpd) in the first two months of 2024 against 1.063mn bpd in the same period a year ago. The average daily production in February decreased at 994,400 bpd.
Earlier in March, Oman and other OPEC+ member nations agreed to extend their voluntary cuts to oil production through the second quarter of 2024. The move is part of the OPEC+ group’s strategy to stabilise the oil market and prices by reducing supply.