The Sultanate’s total production of crude oil and condensates amounted during March 2016 to 30,263,835 barrels, a daily rate of 976,253 barrels, recording a decline by 3.69 per cent compared with February 2016 when calculating the daily average, stated the Oman News Agency.

The statistics showed that the total quantities of crude oil exported abroad during March 2016 stood at 30,968,930 barrels, a daily rate of 998,998 barrels, comprising a rise by 12.95 per cent compared to February 2016 when calculating the daily average.

The import of China rose by 8 per cent in March 2016, compared to the previous month. On the other hand, the exports to Taiwan fell by 5.29 per cent.

Japan and India appeared again in the list of the Omani crude oil importers with varying rates ranging between 6.23 per cent and 3.04 per cent respectively.

The United States of America competed with some traditional importers in Asia as it came second after China by 6.62 per cent so as to equalize with the quantities exported to South Korea.

Reference crude oil around the world remarkably rose during March 2016 to more than $6 per barrel comparing to the settlement prices for February 2016.

The average price of West Texas crude grade in New York touched $39.12 per barrel in March 2016, showing a rise with $6.92 a barrel over the previous month.

The average price of North Sea Brent grade reached $39.79 a barrel, an increase of $6.26 per barrel over February 2016.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a rise during March 2016, similar to other oil types in the world.  Oman oil price (May Delivery 2016) stood at $36.34 comprising a rise by $6.11 compared to April delivery 2016. It averaged between $38.43 and $32.80 per barrel.

The increase in the settlement price for this month is attributed to several key factors that have direct impact on prices, the most notable of which are the positive effect of the freezing of production to support prices at the oversupplied market, an idea that was promoted by Russia and some key OPEC producers and the statements published by Baker Hughes which said that the US energy companies stopped the operation of 15 oil rigs. The company therefore expects a continuous decline of US production that is coupled with the depreciation and fluctuation of the US dollar.