MUSCAT: Oman’s production of crude oil and condensates in March stood at 30.26 million barrels, which indicates a fall of 3.69 per cent compared to the previous month. The average daily crude oil production stood at 976,253 barrels, said a monthly report released by the Ministry of Oil and Gas on Tuesday.
China’s crude oil imports from Oman witnessed an 8 per cent growth in March compared to February 2016, while the Sultanates exports to Taiwan fell by 5.29 per cent. Japan and India have joined once again the list of importers of Oman’s Crude. American market is competing with traditional Asian buyers, as it was ranked second behind China with 6.62 per cent export, tying with South Korea in the same month.
Crude oil prices have seen a remarkable increase around the world in March 2016, continuing on the same rate of increase of prices in February 2016, rising above $6 per barrel, compared with the settlement price for February 2016, with an average oil price of West Texas American in the Stock Exchange New York commodities (NYMEX) ($39.12) with an increase of ($6.92) compared with a trade in February 2016.
While the average North Sea Brent at the Intercontinental Exchange (ICE) in London rate stood at $ 39.79 a barrel,$6.26 higher than compared to February 2016. Oman Crude has also risen in Dubai Mercantile Exchange for more than 20 per cent compared with last month. Oman Crude’s average price for delivery in May 2016 was $36.34 per barrel, recording an increase of $6.11 a barrel compared to the price for delivery in April 2016.
