Oil price rises 18.6pc in July 2021

MUSCAT: The Sultanate’s oil production stood at 202,779,900 barrels at the end of July 2021, compared to 204,988,100 barrels at the end of July 2020, comprising a decline by 1.1 per cent, according to the latest data released by the National Centre for Statistics and Information (NCSI).

Crude oil production fell by 7.4 per cent to reach 156,181,800 barrels compared to 168,582,300 barrels in the same period of 2020. The Sultanate’s daily average crude oil production also went down by 0.6 per cent to stand at 956,5000 barrels compared to 962,4000 barrels at the end of July 2020. However, the average price of the Sultanate’s crude stood at $57.6 per barrel compared to $48.6 per barrel at the same period of 2020, comprising an increase by 18.6 per cent.

Condensates production saw a surge by 28 per centto touch 46,598,000 barrels compared to 36,405,800 barrels at July 2020. The Sultanate exported 163,962,300 barrels of crude oil at the end of July 2021 compared to 170,552,500 barrels at the end of July 2020, comprising a drop by 3.9 per cent. China is the leading destination for the Sultanate’s oil exports at the end of July 2021. its imports of the Sultanate’s oil stood at 135,043,900 barrels compared to 151,175,800 barrels in the same period of 2020, comprising a drop by 10.7 per cent.

China was followed by India with 16,399,300 barrels compared to 6,174,600 barrels at the end of July 2020, comprising a surge by 165.6 per cent. Imports by South Korea stood at 5,529,000 barrels.

Meanwhile, imports of other countries reached 4,606,400 barrels. The Sultanate’s natural gas production and imports rose by 12.8 per cent to stand at 29,363,000 cubic meters compared to 26,041,000 cubic meters at the end of July 2020. This rise is attributed to the increase of associated gas by 32.9 per cent to reach 5,369,000 cubic meters compared to 4,038,000 cubic meters at the same period of 2020.

Non-associated gas and imports also went up by 9.1 per centto reach 23,994,000 cubic meters. Usage of natural gas in industrial zones, including the usage of Oman Mining Company and Oman Cement Company, increased by 53.9 per cent from 80 million cubic meters at the end of July 2020 to 123 million cubic meters at the end of July 2021.

The used gas in oil fields rose by 24.6 per cent from 6,063,000 cubic meters to 7,556,000 cubic meters. In industrial projects, the usage of gas also increased by 9.1 per cent to reach 17,164,000 cubic meters. — ONA