Crude oil production in July at 29.98m barrels

MUSCAT: The Sultanate’s total crude oil and condensates production during July 2017 stood at 29,977,000 barrels, a daily average by 967,000 barrels, according to the monthly report published by the Ministry of Oil and Gas. The total quantities of crude oil exported abroad during July 2017 stood at 25,440,811 barrels, a daily average of 820,671 barrels, comprising a rise by 1.97 per cent compared to June 2017 when calculating the daily average.
For the third consecutive month, import quantities of Oman oil dropped by 8.59 per cent compared to June 2017 to reach 65.38 per cent. However, China still imports the bulk of the total quantities of Oman oil. Quantities imported by Taiwan fell as well by 8.12 per cent compared to the previous month. Oil quantities imported by Japan and India rose by 3.63 per cent and 1.47 per cent respectively. During July 2017, Omani oil quantities were shipped for the first time to Myanmar, as well as exporting Omani oil to United States of America (USA) and Malaysia.
The report pointed out that the price of crude oil for the reference oil around the world witnessed a rise during July 2017 compared to the previous month.
The average price of West Texas crude grade in New York (NYMEX) stood at $46.72 per barrel, comprising a rise by $1.38 compared to June 2017 trading.
The average price of North Sea Brent grade (ICE) reached $48.97 a barrel, constituting a rise by $1.42 per barrel over June 2017 trading.
The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) rose by 2.4 per cent compared with the last month. Oman oil price (September Delivery 2017) stood at $47.63 a barrel, comprising a rise by $1.10 compared to August delivery 2017. The trading price of Oman Oil averaged between $45.31 a barrel and $50.26 a barrel.
The international benchmark for prices of reference oil for July 2017 rose compared to June 2017 due to several factors that have direct impacts on prices, including a decrease in crude oil production in the USA and depreciation of the US dollar, as well as a drop of oil exports by the Saudi Arabia, which increased confidence of the market over OPEC decisions to rebalance global supply and demand, thus recovery of market sentiment that pushed the prices positively.