MUSCAT: The monthly report issued by the Ministry of Oil and Gas indicated that the Sultanate’s production of Crude Oil and Condensate during the month of February 2018 reached (27,075,580) barrels, with a daily average of (966,985) barrels.
While the total exported quantities of Oman Crude Oil in February 2018 amounted to (22,814,105) barrels, with a daily average of (814,789) barrels, ascended by 0.77% compared with January 2018 when calculating the daily average.
The Omani Crude Oil imported by the People’s Republic of China dropped by 2.37% compared with January 2018, bringing China’s share to 73.74% of the total exported quantities of Omani Crude Oil in February 2018. On the other hand, India’s imports of Omani crude leaped by 5.97% in comparison with last month position.
It is worth mentioning that this month’s imports witnessed a return of demand for Omani crude to buyers in Japan and Malaysia by 2.2% and 2.19%, respectively.
The month of February 2018 witnessed a weakening trend in crude oil prices for all main benchmark crudes around the world, compared with the January 2018 closings.
The average price for West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) amounted to USD (62.04) per barrel, down by USD (1.58) compared with January 2018.
While the average North Sea Brent at the InterContinental Exchange (ICE) in London amounted to USD (65.73) per barrel, crashed by USD (3.35 compared with the previous month’s trading.
With the same bearish trend, the average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) dropped by 5% compared with last month.
