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Crude oil output in May rises, China exports fall

Muscat: The Sultanate’s total crude oil and condensates production during May 2017 stood at 30,001,819 barrels, a daily average by 967,800 barrels.

The total quantities of crude oil exported abroad during May 2017 stood at 24,813,940 barrels, a daily average of 800,450 barrels, comprising a rise by 5.58 per cent compared to April 2017 when calculating the daily average.

The report said that the exports to China comprised 80.74 per cent, a decline by 14.86 per cent compared to April 2017.

The exports to Taiwan rose by 3.16 per cent, while Malaysia stood at 7.66 per cent, the Philippines 2.02 per cent and Japan 2.01 per cent.

The report pointed out that the global price of crude oil witnessed a remarkable decline during May 2017 compared to the previous month.

The average price of West Texas crude grade in New York stood at $48.80 per barrel comprising a decline by $2.61 in April 2017.

The average price of North Sea Brent grade reached $51.39 a barrel, constituting a decline by $2.43 per barrel over April 2017.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined by 4.3 per cent compared with last month. Oman oil price (July Delivery 2017) stood at $50.55 a barrel, comprising a decline by $2.27 compared to June delivery 2017.

It averaged between $48.26 a barrel and $52.88 a barrel.

The international benchmark oil prices for May declined compared to April due to a number of factors including an increase in crude oil production in the US, Canada and Libya, recovery of the drilling activities in the US and the decline in prices by 5 per cent as Opec decision about production cut extension came below expectation and disappointing for some investors who were looking for a longer time frame and larger cuts. — ONA

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