28m barrels of crude oil produced during Nov

MUSCAT: The Sultanate’s total crude oil and condensates production during November 2017 stood at 28,883,490 barrels, a daily average by 962,783 barrels. The total quantities of crude oil exported abroad during November 2017 stood at 24,430,262 barrels, a daily average of 814,342 barrels, comprising a rise by 0.56 per cent compared to October 2017 when calculating the daily average. The report said that the imported quantities of the Omani crude oil by China increased sharply by 84 per cent compared to 53.65 per cent in October 2017.

The import quantities by Taiwan increased slightly by 0.20 per cent compared to the previous month, while the imported quantities by India declined by 22.58 per cent. The report pointed out that the price of crude oil for the reference oil around the world witnessed a remarkable rise during October 2017 compared to the previous month. The average price of West Texas crude grade in New York stood at $ 56.81 per barrel comprising a rise by $ 5 compared with the trading of October 2017. The average price of the North Sea Brent grade reached $ 62.86 a barrel, constituting a rise by $ 5.21 per barrel compared with the trading of October 2017.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) rose by 9.3 per cent compared with last month. Oman oil price (January Delivery 2017) stood at $ 60.79 a barrel, comprising a rise by $ 5.19 compared to December delivery 2017. It averaged between $ 58.53 a barrel and $ 62.29 a barrel. The increase of crude oil prices during October trading compared to November 2017 is attributed to a number of factors that have direct effect on oil prices. These factors can be summed up by the decline in the number of American rigs and their activities, besides the rapid decline of global oil reserves, due to Opec-led production cuts and the increase of the global demand for oil. — ONA