Oman crude price at $71.15 per barrel

MUSCAT, MAY 14 - The average price of Oman oil for June 2019 delivery stabilised at $71.15 per barrel, said a statement from Dubai Mercantile Exchange (DME). “This is $4.18 per barrel higher than May delivery 2019, although the price declined by $1.35 per barrel on Tuesday from its previous close of $71.73,” it said. At the same time, the Sultanate’s crude oil and condensates production stood at more than 29,000,000 barrels during April 2019. According to a report from the Ministry of Oil and Gas, the daily average production stood at 970,467 barrels and the total during the month stood at 29,114,010 barrels. The Asian markets received the bulk of the Omani crude oil exports during April 2019.

China remained on the top list of the largest buyers of the Omani oil exports with 83.83 per cent, comprising an increase of 2.46 per cent, compared to March 2019. Meanwhile, oil prices rose on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by Ansar Allah from Yemen attacked facilities belonging to state oil company Aramco. Brent crude futures were at $71.02 a barrel, up 79 cents or 1.12 per cent. US West Texas Intermediate (WTI) crude futures were at $61.68 per barrel, up 64 cents or 1.05 per cent. Saudi Energy Minister Khalid al Falih said Aramco had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruption. — Agencies