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EIA Inventory Report Sends Oil Prices Higher

EIA Inventory Report Sends Oil Prices Higher

Crude oil prices inched higher…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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This Non-OPEC Producer Boosted Its Output Ahead Of Historic Deal

Oman increased its crude oil and condensate production in March by nearly 13 percent from February, after the collapse of the OPEC+ deal early last month, according to data from the Ministry of Oil and Gas of the Arab Gulf producer part of the non-OPEC nations in the OPEC+ pact.  

Oman’s crude oil and condensate production rose by 12.83 percent month on month to stand at 1.078 million barrels per day (bpd) in March, Times of Oman reported on Tuesday, citing data from the oil and gas ministry.

Although the sultanate boosted its production, the exports of the Oman Blend averaged 738,348 bpd in March, down by 2.41 percent compared with the previous month. China was the largest customer of Oman’s oil, taking 90 percent of the sultanate’s oil exports, according to government data quoted by Times of Oman.  

After Oman’s fellow Gulf oil producer Saudi Arabia launched the oil price war on Russia early in March, economists said that Oman has one of the most vulnerable economies in the region and among global oil producers in times of crashing oil prices.

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According to Moody’s, the most vulnerable oil producers in terms of credit profiles are led by Gulf Cooperation Council (GCC) members Oman and Bahrain. Fitch Ratings also placed Oman among the oil producers, “where weaker balance sheets and policy buffers will limit governments’ capacity to respond to the oil price slump without putting pressure on their ratings.”

Oman’s break-even price – the oil price required to balance the government budget, all else being equal – is $82 a barrel Brent Crude, according to Fitch Ratings.

As part of the new OPEC+ agreement sealed this weekend, Oman will reduce its production by 200,000 bpd in May and June, Oman’s Minister of Oil and Gas, Mohammed bin Hamad Al Rumhi, told Oman Arabic, a sister publication of Oman Daily Observer.

By Tsvetana Paraskova for Oilprice.com

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