Average price of Oman crude rises 24.8 per cent

MUSCAT: The average price of Oman crude oil increased by 24.8 per cent at the end of March 2018 to reach to $62.9 per barrel, compared with $50.4 a barrel by the end of March 2017, according to the monthly statistics released by the National Centre for Statistics and Information (NCSI).
The statistics showed that the Sultanate’s total exports of crude oil and condensates was 72,646,300 barrels by the end of March 2018, showing a decline of 2.8 per cent from the end of March 2017 when the total exports stood at 74,754,600 barrels.
The Sultanate’s production of crude oil and condensates by the end of March 2018 was 87,032,500 barrels, including 77,247,500 barrels of crude oil and 9,785,000 barrels of condensates.
China was the largest importer of the Sultanate’s crude oil and condensates, with exports of these products to China hit 56,896,600 barrels. This was followed by India with 13,445,400 barrels and Japan with 901,700 barrels.
On the other hand, the total domestic production and imports of natural gas reached 10.907 billion cubic metres by the end of March 2018, which is an increase of 6.8 per cent compared with the end of March 2017, when it was 10.215 billion cubic metres.
The statistics showed that industrial projects in the Sultanate used 61.2 per cent of the natural gas by the end of March 2018, which was 6.678 billion cubic metres.
The total use of natural gas by Oman’s industrial estates, including Oman Mining Company, Oman Cement and Sultan Qaboos University (SQU), increased by 33.4 per cent at the end of March 2018 to reach to 118 million cubic metres.
Oil wells used 2.559 billion cubic metres of natural gas by the end of March 2018; a growth by 17.7 per cent, compared to 2.174 billion cubic metres by the end of March 2017.
The uses of oil wells of natural gas included 784 million cubic metres as fuel, 1.030 billion cubic metres for injecting wells, 458 million cubic metres for fuels and 287 million cubic metres for other uses, which include the loss, the difference in metre reading and contraction factor.
The uses of power plants of natural gas stood at 1.552 billion cubic metres; an increase by 1.3 per cent.
It should be noted that the non-associated gas production including import stood at 8.960 billion cubic metres whereas the associated oil production stood at 1.948 billion cubic metres. — ONA