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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman crude production averaged 720,789 barrels/day in November

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MUSCAT: The Sultanate’s daily production of crude oil during November 2020 averaged 720,789) barrels, representing a 0.04 per cent decrease (m-o-m) with the daily average of October 2020, according to the monthly report of the Ministry of Energy and Minerals. Exports of Oman Blend crude oil increased 4.77 per cent to 777,207 bpd for the month.


Of total exports of Oman Export Blend, China’s share fell 9.60 per cent m-o-m, compared to October 2020, while India’s share climbed 9.50 per cent m-o-m. Malaysia and Singapore also imported some quantities of Omani crude.


Oil prices for all reference crude oil grades around the world have experienced a bullish trend during the trading days of November 2020 for January 2021 delivery, compared with trading of October 2020.


The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at $42.66 per barrel, an increase by $2.84. The average price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London averaged $43.98 per barrel, up by $2.46 compared with trading during October 2020.


The average price of Oman’s Crude Oil Futures Contract on the Dubai Mercantile Exchange similarly increased by 6.6 per cent compared with previous month. The monthly official selling price for Oman crude oil for January 2021 delivery — traded during November 2020 — was announced to be $43.83 per barrel, rising by $2.72 compared with the October 2020 official selling price.


The daily trading marker price ranged between $48.30 per barrel and $36.67 per barrel.


The yearly average for the Oman crude oil in 2020 reached $46.02 per barrel.


Crude oil prices experienced overall optimistic sentiments during November 2020 trading due to several factors, which had direct and positive impacts on prices. — ONA


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