Exports to China, Oman’s largest crude customer, accounted for only about 77% of the sultanate’s total oil exports in the first 8 months of this year.
Muscat: Oman’s average crude oil production rose to 1. 06 million barrels per day (bpd) in the first 8 months of 2022, up more than 10% from production of 958,600 bpd recorded in the same period last year.
The sultanate’s total oil production in the January-August period this year rose 10. 3 million to 257 million barrels from 233 million barrels in the same period of 2021, according to data released by the National Center for Statistics and Information (NCSI).
Of total production, crude oil production increased by 13. 9% year-over-year to 204. 6 million barrels over the eight-month period, while condensate production decreased by 1. 7% to 52. 4 million barrels.
Oman’s total oil exports rose 15. 4 in the first 8 months of 2022 to 217. 3 million barrels, up from 188. 3 million barrels in the corresponding era of 2021, according to NCSI data.
The sultanate’s total oil exports for the full year 2021 rose 0. 7 to 288. 9 million barrels, up from 287 million barrels in 2020.
Exports to China, Oman’s biggest crude buyer, accounted for only about 77% of the sultanate’s total oil exports in the first 8 of this year.
Total oil exports to China rose 7. 1 million to 167. 5 million barrels between January and August this year, up from 156. 4 million barrels in 2021.
On the other hand, oil shipments to India increased 54. 8 to 29. 9 million barrels in the first 8 months of this year, up from 19. 3 million barrels in the same era of 2021.
Exports to Japan more than tripled to 8. 4 million barrels between January and August this year, while shipments to South Korea rose more than 68% to 9. 3 million barrels.
Oil trending downward
Oman’s crude price has been significantly higher this year, as Russia’s invasion of Ukraine has pushed global oil prices to their point in more than eight years.
The average value at which Oman sold its crude in the first eight months of 2022 jumped more than 40% to $95. 3 per barrel from $67. 9 per barrel recorded in the same constant period of 2021. The average monthly value of Omani crude for the month of August is $112. 9 consistent with a barrel, according to NCSI data.
However, crude oil has had a downward trend in recent weeks. Oil hit a nine-month low on Monday, buoyed by an expected drop in fuel demand, as several countries opted to raise interest rates to rein in emerging inflation amid recession fears. with increased pressure on an emerging US dollar.
On Monday, the value of Oman crude (for November delivery) fell sharply from $4. 82 to $84. 46 per barrel, the lowest level since January 2022. Oman’s crude fell 22 cents to $84. 24 a barrel on Tuesday on the Dubai Mercantile Exchange, where it is trading.
However, global oil prices rose nearly 2% on Tuesday, helped by a slight drop in the price of the US dollar against major currencies. The intermediate benchmark jumped 1. 9% to $78. 11 in line with the barrel.
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