Sultanate’s crude oil production rises 0.8pc till March 2020

Muscat: The Sultanate’s oil production, including condensates, stood at 90.84 million barrels till the end of March 2020, according to the latest data released by the National Centre for Statistics and Information (NCSI).

Of the total production, crude oil production was up by 0.8 per cent at 77.78 million barrels, while condensates production rose by 28.4 per cent to touch 13.06 million barrels.

Oman recorded a daily average crude oil production of 998.3 barrels at the end of March 2020, against 970.5 barrels over the same period of 2019, the NCSI report added.

However, the average price of Oman Crude rose by 5.6 per cent to reach $64.4 per barrel till the end of March 2020, from $61 per barrel in the same period of 2019.

Oman exported 69.77 million barrels of crude oil till the end of March 2020, against 72.56 million barrels for the same period of 2019, falling by 3.9 per cent.

In terms of exports, China retained its position as the leading destination for Sultanate’s crude oil exports till March 2020, with the country importing 61.26 million barrels of crude oil from Oman.

This was followed by India (2.94 million barrels), and Japan (608,200 barrels).

Oman produced 998.3 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 rose 1.7 per cent to 11,048 million cubic metres (MNCM) at the end of March 2020, from 10,861 MNCM for the same period of 2018.

Of this, non-associated gas and imports rose by 1.8 per cent to 9,020 MNCM and associated gas production rose by 1.6 per cent to 2,028 MNCM, added the NCSI report.

The use of natural gas in industrial projects fell by 13 per cent to reach 38 MNCM at the end of March 2020, against 44 MNCM for the same period of 2019. As much as 2,599 MNCM of natural gas was used in oil fields, against 2,239 MNCM units consumed for the same period of 2019. –ONA

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