China accounts for 90 per cent of Oman crude exports

MUSCAT: China accounted for 90 per cent of Oman’s total crude exports of 23.4 million barrels in December 2022, the Ministry of Energy and Minerals said in a report. India was the next leading market with a share of 5 per cent, followed by Japan (4 per cent) and Thailand (1 per cent).

The average total production of crude oil and oil condensates in the Sultanate of Oman for the month of December 2022 amounted to about 1.063 million barrels per day (bpd), an increase of 0.5 per cent compared to the previous month and 5.3 per cent increase compared to December 2021. The Sultanate of Oman exported 26 million barrels of crude in December 2022.

Crude oil production climbed 10.5 per cent in December 2022 compared to the same period in 2021. Production of crude and oil condensates totalled 33 million barrels in December 2022.

The average price of Oman’s Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) slumped 10.12 per cent in December compared to the previous month. The monthly official selling price for Oman Crude oil for February 2023 delivery (traded during December 2022) averaged $77.43 a barrel, which was lower by $8.72 compared to the November 2022 selling price, which was $86.16 a barrel.

Meanwhile, natural gas production averaged 141.09 million cubic metres per day in December 2022, an increase by 13.2 per cent compared to the average production in November 2022 (124.6 m3/day). This is due to the increase in gas production in Block 8 of the Musandam Company for Oil and Gas.