According to a monthly report released by the Ministry of Oil and Gas, Oman’s production of crude oil and condensates stood at 29.95 million barrels in October, 2015. Which means a fall of 2.41 per cent compared to September 2015.
The total crude oil exports of the country were 25.39 million barrels, which was equivalent to 819,013 barrels a day, indicating a fall of 7.46 per cent compared to the previous month. The average daily crude oil production stood at 966,203 barrels.
Referring to the trend in oil price in the international market, the ministry said that the average price of West Texas crude grade in New York touched $46.62 per barrel in October, showing an increase of $0.80 a barrel over the previous month.
Asian markets imported a major chunk of the Sultanate’s crude oil. China continued to maintain its lead among top importers of Omani Crude for October 2015, with a share of 68 per cent. However, the import of China has declined by 26.34 per cent in October, compared to the previous month.
The ministry also noted that the market witnessed a marginal growth in average price in October due to better demand for crude oil. The crude oil recovered due to several other factors, including a fall in supply from stored oil in the United States. Depreciation of dollar against Euro and other major currencies also aided the recovery.
Yet another reason for the recovery was a fall in oil rigs in the United States, which also indicated that there will be a fall in crude production in the coming months.