China lifts 81.4pc of Omani crude exports in December

China was the leading destination for Omani crude oil exports in December 2020, lifting 81.4 per cent of Oman Export Blend averaging 806,831 barrels per day (bpd) during the month, the Ministry of Energy and Minerals said in its latest report.

China’s share rose 6 per cent m-o-m compared with November 2020 figures. Other markets for Omani crude were India (7.2 per cent), Japan (5.2 per cent), Malaysia (2.9 per cent), Philippines (2.1 per cent) and Thailand (1.2 per cent).

Crude oil output during December averaged 722,443 bpd, up 0.20 per cent from the previous month’s average.

Exports climbed 3.81 per cent compared with last month.

Oil prices for all reference crude oil grades around the world have experienced bullish trends during the trading days of December 2020 — for February 2021 delivery — compared with trading of November 2020.

The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at $47.19 per barrel, an increase by $4.53 only.

The average price of North Sea

Oil (Brent) on the Intercontinental Exchange (ICE) in London averaged $50.22 per barrel, an increase of $6.24 only compared with November 2020 trading.

The average price of Oman’s Crude Oil futures contract on the Dubai Mercantile Exchange increased 14.1 per cent compared with the previous month. The monthly official selling price for Oman Crude oil for February 2021 delivery — traded during December 2020 — was announced to be $50 per barrel, up $6.17 compared with the November 2020 official selling price.

The daily trading marker price ranged between $47.33 per barrel and $51.61 per barrel. The yearly average for Oman crude oil in 2020 was $46.02 per barrel.

Crude oil prices experienced overall optimistic sentiments during the trading of December 2020 due to several factors, which had direct and positive impact on prices. Among the most prominent factors that led to the price hike was OPEC and its allies, which increased production slightly from January 2021, but growth is on the major side of the steady stream of supplies. In addition, a sharp decline in US commercial oil inventories had affected positively the oil prices,” said the Ministry.