Oman's crude oil production up 0.11 in November 2016

MUSCAT, 19th December, 2016 (WAM) -- Oman's total crude oil and condensates production during November 2016 stood at 30,448,253 barrels, a daily average by 1,014,942 barrels, constituting a rise by 0.11 per cent compared to the daily production during October 2016 when calculating the daily average, according to the monthly report published by the Ministry of Oil and Gas.

The total quantities of crude oil exported abroad during November 2016 stood at 27,771,650 barrels, a daily average of 925,722 barrels, comprising a rise by 5.26 per cent compared to October 2016 when calculating the daily average.

The report, carried by Oman News Agency, said that the imported quantities by China comprised 83.59 per cent, a slight decline by 3.39 per cent last month. The imported quantities of Taiwan and Japan also witnessed a slight decline to stood at 7.02 per cent and 2.44 per cent respectively.

Meanwhile, the imported quantities by Malaysia and Korea stood at 5.14 per cent and 1.80 per cent respectively.

The report pointed out that the price of crude oil for the reference oil around the world witnessed a remarkable decline during November 2016 compared to the previous month. The average price of West Texas crude grade in New York stood at USD 46.18 per barrel in November 2016, constituting a decline by US$4.06 per barrel in comparison with the previous month.

The average price of North Sea Brent grade reached US$ 47.09 a barrel, constituting a decline by US$4.30 per barrel over October 2016.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined by 9.4 per cent compared with last month. Oman oil price (January Delivery 2017) stood at US$ 44.54 a barrel, comprising a decline by US$4.64 compared to December delivery 2016. It averaged between US$ 42.52 a barrel and US$ 45.99 a barrel.


WAM/tfaham