Oman’s crude production grows 1.5 per cent in May 25.41m

Times News Service MUSCAT: Oman’s total oil and condensates production grew 1.53 per cent to 30.22 million barrels in May compared to the previous month. The average daily production stood at around 974,990 barrels, according to the monthly report released by the Ministry of Oil and Gas.

The report said that Oman’s total crude oil exports in May increased by 3.73 per cent compared to the preceding month and reached 25.41 million, registering a daily growth of 819,587 barrels. Asian markets were the largest importers of Oman Crude.

For the second consecutive month, China’s oil imports from the Sultanate reduced and showed a fall of 4.99 per cent compared to April.

Imports of Oman’s oil by Thailand and Japan continued to fall Was Oman’s total crude

oil exports in May, which increased by 3.73 per cent compared to the previous month by 0.95 per cent and 0.10 per cent, respectively, in May.

Taiwan’s imports

Taiwan took the largest share in May as its import of Oman’s crude oil increased by 3.28 per cent.

As far as oil prices in May are concerned, the average WTI price on the New York Mercantile Exchange (NYMEX) settled at $59.96 per barrel in May, an increase of $4.31 compared to April.

On the Intercontinental Ex- change (ICE) in London, Brent Crude settled at $65.91 a barrel, up by $4.14 against the month of April. The increase in crude oil prices in the trading month of May can be attributed to several factors, which positively affected the prices.

Perhaps, the most important factor has been the fall in crude oil inventories in the United States for the first time this year, with the decline in imports and US dollar currency exchange rate. Prices were volatile during this month due to fluctuation in US dollar currency exchange rate.

Further, the average price of Oman oil (July delivery 2015) has stabilised at $63.62 per barrel, $4.94 higher than June delivery.

Oman Crude Oil Futures Contract on Dubai Mercantile Exchange (DME) showed an increase, being traded between $66.55 and $61.02 per barrel.