• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 4 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 2 hours Demand for Diesel vs. Oil
  • 16 hours Which type of Hegemony will China follow
  • 7 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 1 day Here is Why People Lose Money Trading Natural Gas
  • 2 days Governments that wasted massive windfalls
  • 9 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 22 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day Let’s take a Historical walk around the Rig
  • 1 day US Shale: Technology
  • 2 days We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days 2nd Annual Great Oil Price Prediction Challenge of 2019

Breaking News:

Oil Prices Rise On Surprise Crude Draw

Coronavirus Sends Panic Through Oil Markets

Coronavirus Sends Panic Through Oil Markets

Oil prices continued to fall…

The True Cost Of “Freedom Gas”

The True Cost Of “Freedom Gas”

The United States is betting…

Oman Sees Oil Exports Increase in H1 2016

Oman oil field

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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play