Oil output hits 30m barrels in Nov

MUSCAT: The Sultanate’s production of crude oil and condensates throughout November 2018 amounted to 30,034,140 barrels, with a daily average of 1,138,000 barrels, according to the monthly report issued by the Ministry of Oil and Gas (MOG).

The total crude exports reached 22,746,563 barrels, with a daily average of 758,219 barrels.

Furthermore, the Asian markets received the bulk of the Omani crude oil exports during November 2018. Despite the decrease in the Chinese imported volumes by 1.68 per cent during the month compared to October 2018 quantities, China remains on the top list of the largest buyers, bringing the imported quantities to 91.64 per cent during the month.

On the other hand, Japan’s imports witnessed a drop at 3.79 per cent. However, oil exports during the month witnessed a return of demand from buyers in India and Malaysia with average 2.64 per cent and 1.94 per cent respectively.

The crude oil prices fell during November 2018 futures trading compared with October for the major crude oil benchmarks around the world.

The average price for West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) reached $56.81 per barrel, down by $13.89 compared with previous month’s trading.

The average price for North Sea Brent mix at the Intercontinental

CHINA REMAINS ON THE TOP LIST OF THE LARGEST BUYERS, BRINGING THE IMPORTED QUANTITIES TO 91.64 PER CENT DURING THE MONTH

Exchange (ICE) in London decreased to $65.95 per barrel, shrunk down by $14.68 compared with October 2018.

Likewise, the average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) witnessed a drop in oil prices by 17.4 per cent compared with previous month.

The official selling price for Oman Crude Oil during November 2018 for the delivery month of January 2019, settled at $66.28, down by $13.92 only compared with the delivery month of December 2018. The trading price ranged between $58.64 per barrel and $73.70 per barrel.