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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

China imports 95 pc of Oman crude

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MUSCAT: The Sultanate’s total crude oil and condensates production during April stood at 29,017,260 barrels, a daily average by 967,242 barrels; remaining unchanged compared to the daily production in March when calculating the daily average, according to the monthly report published by the Ministry of Oil and Gas. The total quantities of crude oil exported during April stood at 22,745,329 barrels, a daily average of 758,178 barrels, comprising a decline by 0.081 per cent compared to March when calculating the daily average.


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The report added that China imported 14.60 per cent more Omani crude oil compared to last month. China topped the list of the Omani crude oil importers with 95.60 per cent of the total quantities, which is considered the highest quantity of the Sultanate’s exports to the East Asian markets. This reflects the continuous demand by Chinese buyers for Omani crude oil. The imported quantities by Taiwan dropped by 3.05 per cent compared with quantities during March. The report added that the price of crude oil for the reference oil around the world witnessed a remarkable rise during April compared to the previous month.

The average price of West Texas crude grade in New York stood at $51.41 per barrel in April, constituting a rise by $1.32 per barrel compared with the previous month. The average price of North Sea Brent grade reached $53.82 a barrel, constituting a rise by $1.28 per barrel, compared to March price. The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) increased by 2.1 per cent compared with last month. Oman oil price for June delivery stood at $52.82 a barrel, comprising a fall of $1.11 compared to May delivery. It averaged between $50.47 a barrel and $55.34 a barrel.


The benchmark crude oil prices increased around the world during April trading compared to settlement prices for March. This increase is attributed to several factors that have positive and direct effect on prices including the shutdown of oil production in Buzzard oilfield in North Sea (Brent), the published reports about the desire of Saudi Arabia and some Opec members to extend oil production cuts by Opec for additional six months and the decline in US crude oil and oil products in the US.  — ONA


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