Oman’s daily average oil output decreases slightly in November

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