SUL­TANATE’S CRUDE OUT­PUT TOUCHES 30.24 MIL­LION BAR­RELS IN JULY

Oil and Gas - - OMAN NEWS -

The monthly re­port is­sued by the Min­istry of Oil and Gas (MOG) in­di­cated that the Sul­tanate’s pro­duc­tion of crude oil and con­den­sate through­out July 2018 amounted to 30.24 mil­lion bar­rels, with a daily av­er­age of 975,500 bar­rels. The to­tal ex­ported quan­ti­ties of Oman crude oil dur­ing July 2018 reached 24.08 mil­lion bar­rels, with a daily av­er­age of 776,800 bar­rels.

A slight drop by 0.04% m/m, Peo­ple’s Repub­lic of China im­ported 83.51% of the to­tal ex­ported quan­ti­ties of Omani Crude Oil dur­ing July 2018. In con­trast, im­ports by Ja­pan climbed by 2.30%, on a m/m ba­sis, com­pared to June im­ported quan­ti­ties. On the other hand, the July im­ports were marked by the re­turn of de­mand for Omani crude to buy­ers in South Korea and Myan­mar at the rates shown be­low.

The chart be­low il­lus­trates the des­ti­na­tions and per­cent­ages of the coun­tries im­port­ing Oman crude oil dur­ing the month of July.

The Crude Oil Prices have wit­nessed a fall­back dur­ing July 2018 fu­tures trad­ing com­pared with June 2018 for the ma­jor crude oil bench­marks around the world. The av­er­age North Sea Brent mix at the In­ter­con­ti­nen­tal Ex­change (ICE) in Lon­don reached $74.95 per bar­rel, down by ($ 0.99) com­pared with pre­vi­ous month’s trad­ing. While the av­er­age price for West Texas Intermediate crude oil at the New York Mer­can­tile Ex­change (NYMEX) amounted to ($69.50) per bar­rel, higher by ($ 2.36) com­pared with June 2018.

With the same trend, the av­er­age price for Oman Crude Oil Fu­ture Con­tracts at the Dubai Mer­can­tile Ex­change (DME) wit­nessed a price drop by 0.6% com­pared with pre­vi­ous month. The of­fi­cial sell­ing price for Oman Crude Oil dur­ing July 2018, for the de­liv­ery month of Septem­ber 2018, set­tled at $73.17, lower by (0.44) com­pared with June trad­ing prices. The trad­ing price ranged be­tween $76.11 per bar­rel, and $69.71per bar­rel.

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