Sultanate’s oil production in February decreases

MUSCAT: The Sultanate’s overall output of crude oil and condensates in February 2017 stood at 27,160,006 barrels, a daily rate of 970,006 barrels, a 0.09 per cent decrease compared to January 2017. The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in February 2017 stood at 22,530,772 barrels, a daily rate of 948,440 barrels, a 6.4 per cent decrease compared to January 2017. The Asian markets absorbed the largest proportion of the Omani oil exports. China topped the list of importers of the Omani oil during February 2017 with 82.49 per cent of total exports comprising a notable increase of 18.33 per cent compared to January 2017. Conversely, oil exports to South Korea fell by 12.25 per cent comprising 4.43 per cent of total oil exports. Crude oil exports to Japan and Taiwan increased by 2.57 per cent and 1.08 per cent, respectively compared to January figures. The average price of Oman oil (April Delivery) settled at 55.12 US Dollars, thus 1.19 US Dollar per barrel higher than March.