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Crude Oil Production Increases in Oman

Source: www.gulfoilandgas.com 2/21/2012, Location: Middle East

The Sultanate’s average daily oil production in 2011 stood at 884,900 bpd compared to 864,600 bpd in 2010 with an increase of 2.4 per cent. The average production of natural gas in 2011 was 95.1 million cubic metres compared to 91.1 million cubic metres in 2010 with an increase of 4.4 per cent.

This was announced by Nasser bin Khamis al Jashmi, (pictured) Under-Secretary at the Ministry of Oil and Gas at the annual media briefing yesterday which is organised by the Petroleum Development Oman (PDO). "The average price of Oman crude oil in 2011 amounted to $ 102.9 per barrel compared to $ 76.6 per barrels in 2010 increasing by 34.4 per cent," al Jashmi added.

The annual report which is released recently by the Ministry of Oil and Gas pointed out that the total exported crude oil in 2011 amounted to 266,42,147 bpd. China topped the list of Omani crude importers in 2011 with 122,757,460 barrels or 46 per cent of the total exports followed by India with 12 per cent and Japan third with 10 per cent. As for the movement of the oil markets during 2011, the oil price witnessed a remarkable fluctuation hitting new high records compared to 2010. The average price for American crude oil in New York (Chicago) market amounted to $95.09 per barrel. The Brent basket averaged $110.78 per barrel.

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