Oman's August Oil Output Crosses 30Mn Barrels Mark

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Oman's August Oil Output Crosses 30Mn Barrels Mark

MUSCAT – Oman produced 30.08mn barrels of crude oil and condensate during August 2019, recording a daily average production of 970,305 barrels, according to the monthly report published by the Ministry of Oil and Gas.

The sultanate’s total oil exports reached to 29.74mn barrels in August this year, with a daily average export quantity of 959,406 barrels, the figures showed.

A sharp drop was recorded in exports to the biggest Oman crude buyer, China last month. Exports to China fell 22.5 per cent in August compared to July volumes, while China’s share in total Oman crude exports fell to 55.5 per cent.

Exports to Japan and India sharply rose in August with their shares in Oman’s total oil exports rising to 16 per cent and 13.2 per cent, respectively.

The average monthly price for Oman crude oil future contract at the Dubai Mercantile Exchange (DME) fell 6.6 per cent in August compared to the previous month. The average official selling price of Oman crude during August (for October delivery) settled at US$59.68 per barrel. The daily trading marker price ranged between US$57.59 per barrel and US$63.66 per barrel during the month.