Average Oman crude price increased by 27.8% year-on-year (Y.o.Y), reaching $51 per barrel by the end of 2017, from $40 per barrel in the same period of 2017, the National Center for Statistics and Information (NCSI)’s monthly statistics showed, according to Times of Oman.

Oman total exports of crude oil and condensates fell by 8.6% Y.o.Y, recording 294.21 million barrels by the end of 2017, compared to 321.94 million barrels at the end of 2016.

Crude oil and condensates output in the Sultanate stood at 354.26 million barrels by the end of 2017, divided into 31.60 million barrels of condensates and 322.66 million barrels of crude oil.

The supply cut deal between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries addresses excess oil inventories, which remain high, not prices, Omani Minister of Oil and Gas, Mohammed bin Al Ruhmy, told reporters.

Al Ruhmy’s comments came on the sidelines of a joint ministerial committee meeting, which oversaw implementation of the global deal. “The first meeting held in Oman does not include talks over an exit strategy from the supply cuts,” he pointed out.