SULTANATE’S CRUDE OUTPUT TOUCHES 30.24 MILLION BARRELS IN JULY

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.