Oil output reaches 357 m barrels

Muscat: The Sultanate’s crude oil production, including condensates, stood at 357.1 million barrels during January till December 2018 period, an increase of 0.8 per cent compared to an output of 354.2 million barrels for the corresponding period of 2017, according to the latest data released by the National Centre for Statistics and Information (NCSI).
Of the total production, crude oil production saw a decrease of 1.6 per cent at 317.5 million barrels, while condensates production rose by 25.3 per cent to touch 39.6 million barrels. The Sultanate recorded a daily average crude oil production of 978,400 barrels during January till December period of 2018, the NCSI report added.
The average price of Sultanate Crude oil surged by 35.8 per cent to $69.7 per barrel during the 12-month period, from $51.3 per barrel in the same period of 2017.
The Sultanate exported 289.3 million barrels of crude oil during 2018, against 294.2 million barrels for the same period of last year, a decrease by 1.7 per cent.
China retained its position as the top importer of the Sultanate’s crude during the 12-month period with 240.3 million barrels.
This was followed by India with 21.90 million barrels and Japan 16.91 million barrels.
The Sultanate produced 354.26 million barrels of oil and exported 294.21 million barrels in 2017. Besides, the country’s daily oil production stood at 970,600 barrels last year. The Sultanate’s natural gas production and imports rose by 11.8 per cent to 45,721 million cubic meters (MCM) during 2018, from 40,908 MCM for the same period of last year.
Of this, non-associated gas and imports registered a growth of 10.7 per cent to 37,684 MCM and associated gas production rose by 16.9 per cent to 8,037 MCM, added the NCSI report.
A sizable portion of natural gas in the Sultanate is used by various mega industrial projects, which stood at 27,741 MCM during the 12- month period of 2018, against 23,227 MCM for the same period of the previous year. As much as 9,512 MCM natural gas was used in oil fields, against 8,787 MCM units consumed for the same period of last year.