OMAN’S CRUDE OIL PRODUCTION FALLS BY 1.3%

The Sultanate’s oil production, including condensates, stood at 235.8 million barrels till the end of August 2019, according to the latest data released by the National Centre for Statistics and Information (NCSI). Of the total production, crude oil production was down by 1.3% at 206.4 million barrels, while condensates production rose by 10.7% to touch

29.3 million barrels. Oman recorded a daily average crude oil production of 970.5 barrels at the end of August 2019, against 970.2 barrels over the same period of 2018, the NCSI report added. However, the average price of Oman Crude fell by 2.6% to reach $64.7 per barrel till the end of August 2019, from $66.4 per barrel in the same period of 2018. Oman exported 196.5 million barrels of crude oil till the end of August 2019, against 195.4 million barrels for the same period of 2018, falling by 0.6%. China retained its position as the leading destination for the Sultanate’s crude oil exports in August 2019, with the country importing 144.6 million barrels of crude oil from Oman. This was followed by Japan (17.5 million barrels), India (13.2 million barrels) and South Korea (5.1 million barrels). Oman produced 357.1 million barrels of oil and exported

289.2 million barrels in 2018. Besides, the country’s daily oil production stood at 978,400 million barrels last year.

NATURAL GAS OUTPUT

Oman’s natural gas production and imports rose 1% to 30,737 million cubic meters (MNCM) at the end of August 2019, from 30,443 MNCM for the same period of 2018. Of this, non-associated gas and imports rose by 0.5% to 25,266 MNCM and associated gas production rose by 3% to 5,471 MNCM, added the NCSI report. The use of natural gas in industrial projects rose by 6.5% to reach 19,251 MNCM at the end of August 2019, against 18,072 MNCM for the same period of last year. As much as 6,229 MNCM of natural gas was used in oil fields, against 6,529 MNCM units consumed for the same period of 2018.