Oman’s daily av­er­age oil out­put de­creases slightly in Novem­ber

Muscat Daily - - BUSINESS -

The daily av­er­age pro­duc­tion of crude oil in Oman slightly de­creased in Novem­ber to 971,704 bar­rels per day (bpd) com­pared to nearly 972,000 bpd recorded in the pre­vi­ous month.

The to­tal monthly pro­duc­tion of crude oil and con­den­sate marginally de­creased to 29.151mn bar­rels in Novem­ber against 30.131mn bar­rels pro­duced in Oc­to­ber this year.

Oman’s to­tal crude ex­ports stood at 28.857mn bar­rels dur­ing the month of Novem­ber, record­ing a daily av­er­age ex­port vol­ume of 961,926 bpd. The largest buyer of Oman’s crude - China ac­counted for al­most 93 per cent of to­tal oil ex­port vol­umes from the sul­tanate. Ex­ports to China slightly in­creased by 1.03 per cent in Novem­ber com­pared to Oc­to­ber.

Ex­ports to Ja­pan in­creased 0.27 per cent in Novem­ber with share of Ja­pan in Oman’s to­tal oil ex­ports reach­ing 3.55 per cent, while ex­ports to In­dia made 3.46 per cent of the sul­tanate’s to­tal oil ex­ports. The Min­istry of Oil and Gas said that a re­turn of de­mand from buy­ers in In­dia was wit­nessed in Novem­ber.

Ac­cord­ing to the min­istry, the av­er­age monthly price for Oman crude con­tract at the Dubai Mer­can­tile Ex­change (DME) jumped by 4.2 per cent in Novem­ber com­pared with the pre­vi­ous month. The of­fi­cial sell­ing price for Oman crude dur­ing trad­ing of Novem­ber (for Jan­uary 2020 de­liv­ery) was set­tled at US$62.81 per bar­rel, an in­crease of US$2.55 com­pared to De­cem­ber de­liv­ery price. The daily trad­ing marker price ranged be­tween US$59.87 and US$64.63 per bar­rel.

Oman’s to­tal crude ex­ports stood at 28.857mn bar­rels dur­ing the month of Novem­ber

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