Oman’s crude oil and condensates production edged up 0.12 per cent to 29.70 million barrels in September 2015, over the previous month. This is equivalent to an average of 990,030 barrels per day.
A statement from Ministry of Oil and Gas said that the total exports of crude oil in September 2015 amounted to 26.55 million barrels, an average of 885,032 bpd, showing a 0.59 per cent rise in comparison with August.
The Asian markets, as usual, have the biggest share of the Omani oil exports. China’s imported rate topped the list of the Omani oil importers as its imported quantity rose by 13.48 per cent in comparison with August 2015, comprising 94.47 per cent of the Omani exports in September 2015.
The imports of Oman Crude by Japan, Taiwan and Thailand remarkably declined in September 2015.
The average price for American crude oil in New York Mercantile Exchange (NYMEX) in September, 2015, amounted to $45.82per barrel, indicating a rise of $2.58 compared to August, 2015.
The North Sea (Brent) basket in ICE in London averaged $48.99per barrel, a rise of$0.59 compared to the trading of August, 2015.
The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined in price in the same month in comparison to other crude oils, as it averaged between $49.89 and $43.71 per barrel.
Meanwhile, Oman oil price (November Delivery 2015) stood at $45.76, a decline of$2.12 USD compared to October delivery 2015.
The decline of Oman oil price during September 2015 in comparison to other crude oil is attributed to many reasons, including the contraction in China’s industrial sector, which is one of the main economic engines of the largest energy consumer in the world, while the official Chinese purchase index went down to 49.7 per cent in August 2015 from 50 per cent in July 2015, which contributed in increasing the concerns about second-largest economy in the world.
The wide fluctuation in the Chinese stock markets also deepened the future of the crude oil prices and the recovery of the global markets, as the decline in the Chinese demand for crude oil impacted the oil trading at the Asian markets.