China imports 78% of Oman crude

MUSCAT: The Sultanate’s production of crude oil and condensate in April stood at 29,032,500 barrels, with a daily average of 967,750 barrels. While, the total exports stood at 25,893,927 barrels, with a daily average of 863,131 barrels, according to the monthly report issued by the Ministry of Oil and Gas. China imported 78.56 per cent of the total exported quantities of Omani crude oil in April, while Japan’s imports rose by 8.90 per cent compared with a month on month basis. Whereas the Indian sub-continent imported 11 per cent less compared to that in March. It is worth mentioning that April witnessed a demand for Omani crude by buyers from Malaysia (1.93 per cent of total exports).

The positive tendency in oil prices since the beginning of this year was reflected in the April trading session by a significant increase in the settlement prices for the major crude oil benchmarks around the world for June delivery. The average price for West Texas Crude Oil at the New York Mercantile Exchange stood at $66.31 per barrel, up by $5.70 compared with that in March. While the average North Sea Brent mix at the Intercontinental Exchange (ICE) in London stood at $71.76 per barrel, up by $7.60 compared with previous month’s trading.

Continuing the same trend, the average price for Oman crude oil future contracts at Dubai Mercantile Exchange (DME) witnessed an increase by 5.01 per cent compared with last month. The official selling price for Oman crude oil during April, for the delivery month of June, settled at $68.31, higher by $7,90 compared with March prices. The trading price ranged between $71.32 per barrel, and $64.70 per barrel. — ONA