Oman Crude Oil and Condensates Production

Source: www.gulfoilandgas.com 5/9/2013, Location: Middle East

The Monthly Report released by the Ministry of Oil and Gas pointed out that the Sultanate"s crude oil and condensates production in April 2013 amounted to 26,963,149 barrel, an average of 898,772 barrel per a day (bpd), a 2.13% decline in comparison with March 2013.

The monthly report also added that the total exported crude oil in April 2013 amounted to 24,968,849 barrel, an average of 832,295 bpd, a 0.14% rise in comparison with last month. The report pointed out that the Asian markets have received, as usual, the bulk share of the Omani crude oil exports. China topped the list of Omani crude importers in April 2013 with 48%, followed by Taiwan with 15%.

As for the movement of the oil markets during April 2013, the average price for American crude oil in New York (Chicago) market amounted to USD 92.27 per barrel, a 0.99 cents lower compared to the trading of March 2013. The North Sea (Brent) basket averaged USD 103.43 per barrel, a USD 5.76 lower comparing to last month.

It is worth mentioning that the global crude oil prices trading in April 2013 witnessed a remarkable decline influenced by fears of a global economic slowdown, particularly with the abundance of supply and the rise in oil production in the United States and a decrease in the demand.

On the other hand, the trading Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a decline in price in the same month as it has been the case with other crude oils. Trading averaged between USD 96.84 and USD 108.35 per barrel. Oman crude Oil official price for June 2013 delivery settled at USD 101.81 barrel a day, a decline by USD 3.69 compared to May 2013 delivery.


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