Oil production in September estimated at 29.71mn barrels
The total exported quantities of Oman crude oil during September 2018 reached 27.08 million barrels, with a daily average of 902,611 barrels, the report said.
Times News Service
MUSCAT: The Sultanate’s production of crude oil and condensate throughout September 2018 amounted to 29.71 million barrels, with a daily average of 990,200 barrels, the monthly report issued by the Ministry of Oil and Gas (MOG) showed.
The total exported quantities of Oman crude oil during September 2018 reached 27.08 million barrels, with a daily average of 902,611 barrels, the report said.
The proportion of China’s import of Omani crude oil soared by 10.08 per cent, compared to August 2018 and firmed at the 90.74 per cent level, and stayed at the top of the importing countries of Oman’s exported volumes. In contrast, imports by Japan and India went down by 4.19 per cent and 2.12 per cent respectively. at the Dubai Mercantile Exchange (DME) witnessed a price hike by 8.4 only compared to the previous month. The official selling price (OSP) for Oman Crude Oil during September 2018, for the delivery month of November 2018, settled at $78.72, rising by $6.08 compared with August’s trading prices. The trading price ranged between $75.26 per barrel and $88.96 per barrel.
The crude oil prices uptrend through September 2018 futures trading has been attributed to several factors that positively affected the trading settlements, such as the shift-down in US oil inventories and the increase in global demand for the medium and heavy crude grades.
The extra demand came especially from the Asian buyers as a result of the market anticipation of a new round of US sanctions against Iran, resulting in traders concerned about the lack of global supplies.
The oil market has been relieved after the Organisation of Petroleum Exporting Countries’ decision to maintain the same production levels and to eliminate any immediate increase to compensate for the drop in supplies from Iran; this has also boosted prices. In addition, the prices received some strong support by the publication of statistics, indicating an imminent approach to balance the global supply and demand, as well as the market uncertainty of excess quantities to be used as a reserve to cover supply shortfalls.