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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

India lifts more Omani crude in Jan

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Changing trends: China, long the dominant market for Omani crude exports, saw its share dip to 78.7 per cent


@JmObserver


India saw its share of imports of Omani Export Blend crude rise to 18.4 per cent of total exports averaging 814,656 barrels per day in January 2021, the Ministry of Energy and Minerals said in its month report.


China, long the dominant market for Omani crude exports, saw its share dip to 78.7 per cent. The balance 2.9 per cent was shipped to Malaysia, the Ministry noted.


Crude production averaged 730,458 barrels per day in January, which was up by 1.11 per cent from the previous month’s average.


Exports were also up 0.97 per cent in comparison with the previous month.


The average price of Oman’s Crude Oil futures contract on the Dubai Mercantile Exchange (DME) increased 9.6 per cent compared with the previous month.


The monthly official selling price for Oman Crude oil for March 2021 delivery — traded during January 2021 — was announced to be $54.78 per barrel, which was higher by $4.79 compared with the December 2020 official selling price. The daily trading marker price ranged between $50.54 per barrel and $56.42 per barrel.


“Oil prices for all reference crude oil grades around the world have experienced a bullish trend during the trading days of January 2021 — for March 2021 delivery — compared with trading of December 2020,” the Ministry said.


“The average price of West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) settled at $52.13 per barrel, which was higher by $4.95 only.


“The average price of North Sea Oil (Brent) on the Intercontinental Exchange (ICE) in London averaged $55.32 per barrel, which had increased by $5.10 compared with trading during December 2020,” it added.


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