Oil exports to China, Oman’s largest crude customer, accounted for only about 76% of the sultanate’s total oil exports in the first part of this year.
Muscat: Oman’s average oil production rose to 1. 05 million barrels per day (bpd) in the first part of 2022, up 9. 7% from 954,900 bpd in the same period last year.
The sultanate’s total oil production in the first six months of this year rose nearly 10 percent to 189. 55 million barrels from 172. 84 million barrels in the same period of 2021, according to official data released Wednesday by the National Center for Statistics and Information (NCSI). ).
In total production, crude production jumped 13. 2 year-on-year to 150. 47 million barrels in the first part of 2022, up from 132. 92 million barrels at the same time a year ago. However, condensate production declined by 2. 1% to 39 million barrels in the January-June era this year.
In early June, the Minister of Energy and Minerals said new discoveries of oil reserves through corporations operating in Oman will help the sultanate increase its oil production to between 50,000 and 100,000 bpd over the next two to three years.
Oman’s average oil production has consistently remained above one million barrels per day in the first six months of 2022.
The sultanate’s total oil exports rose 16. 2 million in the first six months of this year to 162. 4 million barrels, up from 139. 8 million barrels in the corresponding era of 2021, according to NCSI data.
Total oil exports for the full year 2021 increased by 0. 7% to 288. 96 million barrels, up from 287 million barrels in 2020.
Oil exports to China, Oman’s largest crude customer, accounted for only about 76% of the sultanate’s total oil exports in the first part of this year.
Total exports to China rose 6. 3% to 123. 1 million barrels in January-June this year, up from 115. 85 million barrels in 2021.
On the other hand, exports to India rose more than 76% to more than 25. 39 million barrels in the first six months of this year, up from 14. 42 million barrels in the same era of 2021.
The average value at which Oman sold its crude in the first part of 2022 increased by almost 61% to USD 90. 4 per barrel from USD 56. 2 per barrel recorded in the same period of 2021. The average value for June was USD 102. 4 per barrel. which is down from $111 in May, according to NCSI data.
While global oil prices remain above the $100 mark amid the Russian-Ukrainian conflict, Omani crude prices in the last quarter of 2022 reached their peak in more than eight years. The price of Omani crude on Wednesday stood at $104. 63 a barrel (for september delivery) on the Dubai Mercantile Exchange.
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