MUSCAT: Oman’s crude oil exports surged ahead by 10.2 per cent to 78.39 million barrels in the first quarter of 2015, compared to the same period last year.
However, the average price of Oman Crude in the international market dipped by 41.5 per cent to $61.99 per barrel in the first three months of this year, from as high as $105.96 per barrel for the same period of 2014, according to the latest statistical bulletin released by the National Centre for Statistics and Information (NCSI).
However, the crude oil market is now witnessing a recovery, with the price reaching $66.20 per barrel last weekend.
Oman’s ability to increase spending by 4.5 per cent this year would depend upon growth in crude oil prices. In its 2015 budget plan, revenues were projected at OMR11.6 billion, leaving a budget deficit of OMR2.5 billion – Oman’s largest fiscal gap since at least 1990.
Meanwhile, the country’s total crude oil and condensate production grew marginally by 1.8 per cent to 86.86 million barrels (or 965,000 barrels per day) in the first quarter of this year. Oil production for the same period in 2014 was 85.36 million barrels (or 948,400 barrels per day).
China retained the top position, in terms of Oman Crude imports, by importing as much as 58.18 million barrels in the first quarter, an increase of 16.6 per cent over 49.88 million barrels imported in the first quarter of 2014. In 2014, China was the top importer of Oman Crude, with imports of 210.47 million barrels, out of the Sultanate’s total export of 292.16 million barrels.
Taiwan (9.76 million barrels), Thailand (3.32 million barrels), Japan (2.40 million barrels) and South Korea (1.98 million barrels) followed China in imports of Oman Crude. India and Singapore were also leading importers of Oman Crude in the first quarter.
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