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Oman’s oil production rises 1%

Oman’s oil production rises 1%

MUSCAT: Oman’s total production of crude oil and condensates touched 31,214,058 barrels in December 2015, a daily rate of 1,006,905 barrels, a rise of 1.12 per cent compared to November 2015.
The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in December 2015 stood at 25,622,957 barrels, a daily rate of 826,547 barrels, which rose 0.77 per cent.
As always, the Asian markets absorbed the largest proportion of the Oman’s oil exports. China topped the list of importers of Oman’s oil in December 2015 by 68.16 per cent, comprising a marginal rise of 0.69 per cent compared to November 2015.
Omani crude oil imports by Taiwan and South Korea decreased by 5.30 per cent and 2.240 per cent respectively.
The percentage of the Omani crude oil imported by India comprised 3.85 per cent, Japan 1.98 per cent and Thailand 0.03 per cent in comparison to November 2015. It should be noted that Australia imported Omani crude in December.
With regard to the movement of oil markets in December 2015, the average oil price of American West Texas in New York Mercantile Exchange reached $38.28 a barrel, a decline by $5.45 compared to the trading of November 2015.
The average of ICE Brent crude oil in London reached $39.13 a barrel, down by $7.19 compared to the trading of November 2015.
The report reflects the critical times experienced by the world oil markets and the remarkable slump of the trading in energy exchanges all over the world. It also reflects the direct and clear implications of this situation on the settlement prices for most reference oil prices in the world, pushing them sharply and consistently downwards, including Oman Oil future contracts.
The trading was hovering around $30 during most days of the month. This slump is attributed to the US dollar appreciation and the high US crude oil reserves.
The Omani oil price rate for February 2016 delivery amounted to $34.59, showing a decline by $7.70, compared to the delivery price of January 2016. The trading price ranged between $40.54 and $31.21.