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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Slight uptick in Omani crude exports to India

13-Slight-uptick-in-Omani-crude-exports-to-India
13-Slight-uptick-in-Omani-crude-exports-to-India

Exports of Omani crude (Oman Export Blend) to India rose 8.9 per cent (m-o-m) to reach 11.1 per cent of total exports of 741,813 barrels per day (bpd) in October, the Ministry of Energy and Minerals announced in its latest monthly bulletin.


China, however, remained the dominant market for Omani crude, with 85 per cent of total exports for the month. Japan (with 2.2 per cent) and Tanzania (1.7 per cent) were placed a distant third and fourth in terms of their respective shares.


Crude production averaged 721,100 bpd in October, which was up 0.33 per cent (m-o-m) compared with the average for September 2020


Oil prices for all reference crude oil grades around the world have experienced a fluctuating trend during the trading days of October 2020 — for December 2020 delivery — compared with trading of September 2020.


The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at $39.83 per barrel, an increase of $0.42.


The price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London averaged $41.52 per barrel, decreasing by $0.35 compared with trading during September 2020.


The average price of Oman’s Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) similarly decreased by 1.2 per cent compared with the previous month. The monthly official selling price for Oman Crude oil for December 2020 delivery — traded during October 2020 — was announced to be $41.11 per barrel, entailing a drop of $0.49 compared with the November 2020 official selling price.


The daily trading marker price ranged between $37.65 per barrel and $42.56 per barrel. The yearly average for the Oman Crude in 2020 reached $46.02 per barrel, the Ministry of Energy and Minerals added.


 


JOMAR MENDOZA


@JmObserver


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