Oman’s total oil production in the first seven months of 2022 grew by more than 10 percent to 223.17mn barrels compared to 202.78mn barrels in the same period of 2021, according to official data.
The sultanate’s daily average production of oil continued to remain above the one million barrels per day (bpd) mark during the first seven months of this year, up by 10.1 percent in comparison to the daily average output recorded in the same period of last year.
Daily average output during the January to July period of 2022 increased to 1.052mn bpd compared with 956,500 bpd in the corresponding period of 2021, the data released by National Centre for Statistics and Information (NCSI) showed.
Of the total production, crude output jumped by 13.5 percent year-on-year to 177.3mn barrels during the January to July period from 156.18mn barrels in the same period of last year, while condensate output decreased 1.6 per cent to 45.87mn barrels during these seven months.
Oman’s total oil exports grew by 16.7 percent during the January to July period of 2022 to 191.32mn barrels compared with 163.96mn barrels exports recorded in the corresponding period of 2021.
The sultanate’s total oil exports for the full year 2021 had inched up 0.7 percent to 288.96mn barrels from 287mn barrels in 2020.
Exports to China, the biggest buyer of Oman’s crude, accounted for around 76 per cent of the sultanate’s total oil exports during the first seven months of this year, lower than its share in the previous year.
In absolute terms, Oman’s oil exports to China rose by 7.9 percent to 145.7mn barrels during the January to July period of this year compared to 135.04mn barrels in the same period of the previous year.
On the other hand, crude exports to India jumped by 67 percent to 27.37mn barrels in the first seven months of 2022 compared with 16.39mn barrels in the same period of 2021.
Oil shipments to Japan more than tripled to reach 7.3mn barrels during the January to July period of this year against 2.38mn barrels in the same period a year ago.
Exports to South Korea also rose by 68.7 percent to 9.33mn barrels against 5.53mn barrels in the same period of 2021.
The average price at which Oman sold its crude during the first seven months of 2022 surged by 61 percent to $92.8 per barrel against $57.6 per barrel recorded for the same period of 2021.
The highest monthly average price of Oman crude this year was recorded in May at $111 per barrel, while the average price for July stood at $107.2 per barrel, the NCSI data showed.
Oman crude price recently rose by $1.43 or 1.5 percent to close at $95.02 per barrel (for October delivery) at the Dubai Mercantile Exchange.
However, oil prices have dropped by a quarter since June to a nearly six months low amid rising fears of a global recession. The price of Brent, the international benchmark, dropped to $95 on Friday October 14, while WTI, the main US contract, was at around $90 per barrel.
Crude prices soared to $140 per barrel in early March after Russia invaded Ukraine, raising fears that Western sanctions would drastically cut supplies from Russia, a major producer and exporter.
More here: www.ncsi.gov.om