Oman’s Crude Production Exceeds 30 Million barrels in Oct 2019

Published November 17th, 2019 - 10:00 GMT
Oman’s Crude Production Exceeds 30 Million barrels in Oct 2019
Crude oil prices declined during the trading of oil markets in October 2019. (Shutterstock)
Highlights
The monthly report issued by the Ministry of Oil and Gas pointed out that the total exported quantities of crude oil during October 2019 reached 30,540,423 barrels

Oman’s crude oil and condensates production stood at 30,131,845 barrels during October 2019 with a daily average of 971,995 barrels.

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The monthly report issued by the Ministry of Oil and Gas pointed out that the total exported quantities of crude oil during October 2019 reached 30,540,423 barrels, with a daily average of 985,175 barrels.'

China's imports of the Omani crude oil registered a remarkable rise by 14 percent of the total imports during October 2019, comprising 91.96 percent of the total exports of the Omani crude oil compared with the previous month (September 2019).

In contrast, Japan's imports of the Omani crude oil declined by 3.99 percent in October 2019 compared to the last September to reach 3.28 percent while Myanmar's imports increased by 2.64 percent to reach 4.76 percent.

Crude oil prices declined during the trading of oil markets in October 2019 due to the most important reference oils in the world (December Delivery 2019) compared to the trading of September Delivery 2019.

The average price of West Texas crude grade in New York stood at US$54.03 per barrel, comprising a decline by US$2.86 compared with the trading of September 2019. The average price of North Sea Brent grade reached US$59.63 a barrel, constituting a drop by US$2.65 per barrel compared with the trading of September 2019.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) fell by 2.5 percent compared with September 2019. The price of Oman oil during the trading of October 2019 (December Delivery 2019) stood at US$60.26 a barrel, comprising a decline by US$1.56 compared to November Delivery 2019. It averaged between US$57.95 a barrel and US$62.41 a barrel.


© Muscat Media Group

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