China accounts for 79 per cent of Omani crude exports

@JmObserver -

Global economic power China retained its position as a top destination of Omani oil exports, with 79.1 per cent of total crude exports, the Ministry of Energy and Minerals said in a report.

A total of 242.8 million barrels of Omani crude was shipped until the 3rd quarter of 2022, a 15 per cent increase compared to last year. The lion’s share amounting to 192.05 million barrels was exported to China. This however represents a decline of the 82.5 per cent compared to the same period last year.

Ranked in the distant second place was India, which lifted 12.3 per cent of Omani crude export amounting to 29.86 million barrels, an increase from last year’s 10.65 per cent.

Other notable importers of Omani crude until the end of 3rd quarter of 2022 were South Korea with 3.8 per cent amounting to 9.2 million barrels, a jump from 3.1 per cent last year. The biggest increase was seen with Japan with 3.8 per cent or amounting to 9.2 million barrels compared to just 1.6 per cent during last year. The remaining 0.9 per cent was distributed to the other importers of Omani crude.

Meanwhile, the price of Omani crude oil average $90.80/barrel during the month of September (for November 2022 delivery).

The total production of crude and oil condensate in the 3rd quarter reached 289.8 million barrels with an increase of 10.4 per cent.

The crude oil production recorded an increase of 14.1 per cent with 231.1 million barrels. On the other hand, the production of oil condensate reached 58.7 million barrels or a decrease of 2 per cent compared to the same period last year.

Meanwhile, refineries affiliated with OQ processed 62 million barrels during the three quarters of this year, a decrease of 1 per cent compared to the same period last year.