China is top market for Oman crude in August

@JmObserver –

China accounted for 84 per cent of Oman’s total crude exports of 26 million barrels in August 2022, a slight decrease of 0.9 per cent from the previous month, the Ministry of Energy and Minerals said in a report. India was the next leading market with a share of 10 per cent, followed by Japan (4 per cent) and Thailand (2 per cent).

The average total production of crude oil and oil condensates in the Sultanate of Oman for the month of August 2022 amounted to about 1.09 million barrels per day (bpd), an increase of 0.7 per cent compared to the previous month. Crude oil production climbed 16.6 per cent in August 2022 compared to the same period last year. Production of crude and oil condensates totalled 34 million barrels in August 2022.

The average price of Oman’s Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) slumped 9.4 per cent in August compared to the previous month. The monthly official selling price for Oman Crude oil for October 2022 delivery (traded during August 2022) averaged $97.00 a barrel, which was lower by $6.21 compared to the July 2022 selling price, which was $103.21 a barrel.

Meanwhile, natural gas production averaged 148.6 million cubic metres per day in August 2022, an increase by 1.5 per cent compared to the average production in July 2022 (146.4 m3/day) and an increase of 11.7 per cent compared to August of 2021.