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Oman reported crude oil exports of 190.71 million barrels for the period from January to July, which represented a 6.2-percent annual increase. The increase came on the back of a rise in production of 3.2 percent, to 213.4 million barrels of crude and condensate. This compares to 206.71 million barrels in the first seven months of 2015.
Average daily output in the period to end-July stood at 1.002 million barrels.
Despite positive developments on the production front, price movements were bad news. A barrel of Omani Crude sold for an average of US$36.40 in January to July, down by almost 40 percent from last year’s seven-month average of US$59.90. As a consequence, Oman’s oil revenues slumped by 47.7 percent to 1.489 billion rials (US$3.868 bln), from 2.847 billion rials (US$7.395 bln).
Natural gas production plus imports totaled 24.025 billion cu m in the seven-month period, up by 6 percent from last year’s 22.666 bcm for the period. This included both natural gas – up 6.6 percent to 19.897 bcm – and associated gas – up 3.3 percent to 4.128 bcm.
China was Oman’s number-one client for crude oil, importing 143.39 million barrels from the Gulf sultanate in the first seven months of 2016 and accounting for 75.20 percent of Oman’s overall crude oil exports. On an annual basis, Chinese imports rose by 2.9 percent. The rest of the oil was exported to Taiwan, the U.S., South Korea, and Japan, Oman’s National Centre for Statistics and Information said.
Oman has been hit hard by the low oil prices, with its construction sector facing a major crisis, and the economy as a whole sputtering because of falling oil revenues. Earlier this month the sultanate said it would not take part in OPEC’s meeting next month in Algiers, disappointed by the cartel’s unwillingness to take any actual steps to tackle the oil price situation. Oman is not a member of OPEC.
“We are moving into difficult times, and others still believe that everything will be fine. Those who expected the expensive oil producers will be run out of the business and shut down their operations, have been proved wrong, “ said oil and gas minister Mohammad bin Hamad al-Rumhy told Reuters earlier in August.
By Irina Slav for Oilprice.com
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Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.