MUSCAT: The Sultanate’s total crude oil and condensates production during June 2017 stood at 29,055,300 barrels, a daily average by 968,510 barrels, according to the monthly report published by the Ministry of Oil and Gas.
The total quantity of crude oil exported abroad during June, 2017 stood at 24,144,243 barrels, a daily average of 804,808 barrels, comprising a growth of 0.05 per cent compared to May, 2017 when calculating the daily average.
The report added that while the imported quantities by China still constitute the chunk of the Omani exported crude oil by (73.97 per cent), it decreased by 6.77 per cent for the second successive month compared to May, 2017.
On the other hand, the import by Taiwan and Japan of Omani crude oil increased by 8.03 per cent and 2.14 per cent respectively compared to May, 2017.
The report pointed out that India reappeared at the list of Omani crude oil importing countries as it imported 2.07 per cent of the Omani crude oil quantities during June, 2017, while 4.22 per cent of Omani crude oil were exported to Fujairah in the United Arab Emirates (UAE). Taiwan imported 15.59 per cent of the Omani crude oil and Japan imported 4.15 per cent during June, 2017, compared to May, 2017.
The report added that the price of crude oil for the benchmarking oil around the world decreased in June, 2017 compared to May, 2017. The average price of West Texas crude grade in New York touched $45.34 per barrel in June, 2017 trading showing a decline by $3.46 a barrel over the previous month.
The average price of North Sea Brent grade at ACI in London reached $47.55 a barrel, an increase of USD 3.84 per barrel over May, 2017.
The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined by 8 per cent compared with May, 2017. Oman oil price (August 2017 delivery) stood at $46.52 a barrel, comprising a decline of $4.03 compared to July delivery, 2017. It averaged between $43.55 a barrel and $50.26 a barrel.
The price of benchmarking crude oil around the world decreased during June, 2017, compared to May, 2017. This decrease is attributed to several key factors that have direct negative effect on prices including but not limited to oversupply of oil at the world markets, the appreciation of the US dollar and the tension in the Gulf, which may hamper an OPEC agreement to cut production.