China top importer of crude from Oman
This constitutes around 76 per cent of Oman’s 216.46 million barrel crude oil exports during the January-August period of 2016, according to latest NCSI data
MUSCAT: China retained its top position as the leading importer of Oman Crude by purchasing as much as 164.32 million barrels from the Sultanate in the first eight months of 2016.
This constitutes around 76 per cent of Oman’s 216.46 million barrel crude oil exports during the January-August period of 2016, according to statistics released by the National Centre for Statistics and Information (NCSI).
In 2015, China was the top importer of Oman Crude, with imports of 237.56 million barrels, out of the Sultanate’s total exports of 308.14 million barrels. Oman’s total crude oil exports grew by 5.1 per cent to 216.46 million in the January-August period of 2016, compared to 205.97 million barrels for the same period last year.
However, the average price of Oman Crude in international markets plunged by 37.4 per cent to $37.6 per barrel in the first eight months of 2016, from $60.2 per barrel during the same period last year, according to the NCSI data. As a result, the country’s net oil revenues tumbled by 46.1 per cent to OMR1,794.1 million during the January-July period, against OMR3,326.2 million in the same period of 2015.
Taiwan (13.84 million barrels), the United States (9.96 million barrels), Japan (8.77 million bar- rels) and South Korea (8.10 million barrels) followed China as leading importers of Oman Crude. Other countries importing Oman Crude in the first eight months included Singapore, India and Thailand. Meanwhile, the country’s total crude oil and condensate production grew by 3.1 per cent to 244.79 million barrels (1,003,200 barrels per day) in the first eight months of this year, against 237.36 million barrels during the same period in 2015.