Report on Sultanate’s crude oil production in June 2020

Muscat: The Sultanate’s a average daily oil production, including condensates, stood at 683,625 barrels until the end of June 2020, comprising an increase by 2.40 per cent, compared to May 2020, according to the monthly report released by the Ministry of Oil and Gas.

Furthermore, the average daily exported quantities of Oman crude oil was (899,412) barrels, constituting a rise by 22 per cent compared with last month.

China’s imports from Oman crude exports hit 94.28 per cent, comprising a rise by 6.77 per cent m-o-m, compared with May 2020 share. The remaining shares of Omani crude exports were distributed among Malaysia, India and South Korea.

Crude oil prices for all reference crude oil grades around the world have shown slight recovery during the trading of June 2020 (August delivery), compared to May 2020.

The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at (USD38.49) per barrel, a growth by (USD9.33) whereas the average price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London reached (USD40.77) per barrel, a rise by (USD8.36) compared with trading of May 2020.

The average price of Oman’s Crude Oil futures contract at Dubai Mercantile Exchange (DME) similarly rose by 23.5 per cent compared with previous month. The monthly official selling price for Oman Crude oil for August 2020 delivery – traded during June 2020 – stood at (USD41.58) a barrel, higher by (USD7.90) compared with July 2020 selling price whereas the daily trading price ranged between (USD39.04) per barrel and (USD44.07) per barrel. –ONA

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