In an oil market driven by uncertainty, Oman's output declines
The sudden availability of Iranian oil is one of the many factors driving uncertainty in the oil market. (Image credit: Shutterstock)
Oman’s Ministry of Oil and Gas said Monday the amount of crude oil produced in December was off from the same month in 2012 according to an article in the Saudi Gazette.
The ministry said production in December averaged 944,736 barrels per day, a 1.24 percent decline year-on-year.
The report provided no explanation for the decline.
Crude oil exports from Oman in December declined 3.29 percent from the previous month.
Asian consumers received the bulk of Oman’s produced oil in December, the report said.
Expanding economies in Asia mean those countries are starting to take on more oil and natural gas to keep up with demand.
Meanwhile, the price of oil fell to near $92 a barrel Monday as the possibility of increased crude exports from Iran raised the prospects of an excess of supply on global markets.
In Europe, benchmark US oil for February delivery was down 58 cents to $92.14 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract surged $1.06 to settle at $92.72 a barrel.
Brent crude, used to set prices for international varieties of crude, was down 27 cents at $106.98 a barrel on the ICE Futures exchange in London
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