Price of Oman crude averages $47.2 per barrel in September

MUSCAT: The Sultanate’s oil production, including condensates, stood at 261.10 million barrels for the first nine month until the end of September 2020, according to the latest data released by the National Centre for Statistics and Information (NCSI).
Of the total production, crude oil production fell by 8.2 per cent at 212.47 million barrels, while condensates production rose by 45.1 per cent to touch 48.63 million barrels. Oman recorded a daily average crude oil production of 952.9 barrels at the end of September 2020, against 970.8 barrels over the same period of 2019, the NCSI report added.
However, the average price of Oman crude fell by 26.8 per cent to reach $47.2 per barrel until the end of September 2020, from $64.6 per barrel in the same period of 2019.
Oman exported 215.72 million barrels of crude oil till the end of September 2020, against 222.31 million barrels for the same period of 2019, falling by 3 per cent. In terms of exports, China retained its position as the leading destination for Sultanate’s crude oil exports at the end of September 2020, with the country importing 190.53 million barrels of crude oil from Oman. This was followed by India (8.79 million barrels), South Korea (4.99 million barrels and Japan (2.10 million barrels).
Oman produced 354.3 million barrels of oil and exported 310.3 million barrels in 2019. Besides, the country’s daily oil production stood at 970,900 million barrels last year.
Meanwhile, Oman’s natural gas production and imports fell 0.7 per cent to 33,995 million cubic meters (MNCM) at the end of September 2020, from 34,237 MNCM for the same period of 2019. Of this, non-associated gas and imports rose by 2.1 per cent to 28,643 MNCM and associated gas production fell 13.5 per cent to 5,352 MNCM, added the NCSI report. — ONA