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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Average price of oil rises 27.8 pc

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MUSCAT: The average price of a barrel of Omani crude oil increased by 27.8 per cent at the end of 2017 to reach to $51.3 per barrel compared with $40.1 by the end of 2016, according to the data released by the National Centre for Statistics and Information (NCSI). These statistics show that the Sultanate’s total exports of crude oil and condensates was 294,215,600 barrels by the end of 2017, which is a decline of 8.6 per cent from the end of 2016 when the total exports stood at 321,940,700 barrels.


The Sultanate’s production of crude oil and condensate by the end of 2017 was 354,257,900 barrels, including 322,659,600 barrels of crude oil and 31,598,300 barrels of condensate oil.


China was the largest importer of Sultanate’s oil, crude and oil condensate, with exports of these products to China reached to 204,815,600 barrels. It is followed by India with 28,239,500 barrels and Taiwan with 21,453,900 barrels.


The Sultanate’s exports of crude oil and oil condensates to Japan was 10,555,100 barrels and to South Korea 8,793,500 barrels, to the United States 4,731,900 barrels, to Singapore 1,492,000 barrels, to Thailand 806,300 barrels and to other countries it stood at 13,327,800 barrels.


On the other hand, total domestic production and imports of natural gas reached 40.908 billion cubic meters by the end of 2017, which is an increase of 0.1 per cent compared with the end of 2016, when it was 40.849 billion cubic meters.


The statistics showed that industrial projects in the Sultanate acquired 56.7 per cent of the natural gas by the end of 2017, which was to 23.227 billion cubic meters. The total use of natural gas by Oman’s industrial zones, including Oman Mining Company, Oman Cement and Sultan Qaboos University, increased by 1.3 per cent at the end of 2017 to reach to 659 million cubic meters from 650 million cubic meters by the end of 2016. The use of natural gas by oilfields was 8.787 billion cubic meters, which is a decline of 4.1 per cent compared to the end of 2016, when it was 9.163 billion cubic meters.


The use of oil and natural gas fields varied between 3.64 billion cubic meters of fuel, 2.888 billion cubic meters to inject wells, 1.727 billion cubic meters for fuel and 1.108 billion cubic meters for other uses in the oilfields, which included losses, meter variances and shrinkage coefficient. The use of natural gas in power plants amounted to 8.236 billion cubic meters, which is an increase of 3 per cent. It is worth mentioning that the non-associated production of natural gas, including imports, was 34.34 billion cubic meters, while the combined production of oil amounted to 6.873 billion cubic meters. — ONA


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