Oman’s crude oil production rises 1.57 percent in April

The Sultanate’s total crude oil and condensates production during April 2016 stood at 29,829,100 barrels, a daily average by 994,303 barrels, constituting a rise by 1.57% compared to the daily production during March 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 April 2016 stood at 26,989,121 barrels, a daily average of 899,637 barrels, comprising a decline by 2.86% compared to March 2016 when calculating the daily average.

China’s imports of Omani oil fell by 4.16% compared to March 2016. Omani oil imports by Taiwan, India and the United States of America (USA) rose by 4.53%, 4.43% and 1.11% respectively compared to the quantities imported during March 2016.

The Philippines imported about 2% of the total quantities exported abroad, which affirms the markets’ continuous demand for the Omani oil.

Imports from Japan and South Korea declined with varying rates while New Zealand imported 1.48% of the total Omani oil exports.

Reference crude oil around the world remarkably rose during April 2016 the same as settlement prices for March 2016.

The average price of West Texas crude grade in New York touched USD 42.01 per barrel in April 2016, showing a rise with USD 2.89 a barrel over the previous month.

The average price of North Sea Brent grade reached USD 43.33 a barrel, an increase of USD 3.54 per barrel over March 2016.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) rose by more than 8% during March 2016. Oman oil price (June Delivery 2016) stood at USD 39.40 a barrel, comprising a rise by USD 3.06 compared to May delivery 2016. It averaged between USD 43.96 a barrel and USD 34.50 a barrel.

The settlement price hike is attributed to several key factors that directly affect prices, the most important of which are the decline of US reserves, the slump in shale oil production in the USA for the seventh consecutive month and the depreciation of the US dollar.

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