Elevated oil prices led to a 68.6 percent increase in exports from Oman during first three quarters of 2000, compared with the same period of 1999, reported the sultanate’s ministry of national economy.
According to the ministry, during the first nine months of the year, the total value of exports RO 3.14 billion, up from RO 1.86 billion during the January-September period in 1999.
Oil and gas exports accounted for 85.8 percent of all Omani exports during the first three quarters, totaling RO 2.58 billion, compared with RO 1.39 billion during the corresponding period in 1999. Non-oil exports increased by 32.9 percent from RO 139.7 million to RO 185.7 million, and re-exports increased by 11.9 percent from RO 333.9 million to RO 373.5 million.
The average price of Oman crude oil during the periods in question increased by 73.6 percent, from $15.27 per barrel last year reached to $26.51 per barrel during January-September 2000. What this meant is that the physical volume of Omani trade increased only moderately.
Total crude oil and oil condensates production equaled 257.4 million barrels, compared with 246.5 million barrel—a rise of 4.4 percent. Total crude oil exports rose from 229.7 million barrels to 240.3 million barrels. – (Albawaba-MEBG)