Oil Producers to Cut Oman’s Production by 200,000 bbl/d

Oil Producers to Cut Oman’s Production by 200,000 bbl/d

Oman is preparing to slash oil output during May and June which will see the Sultanate reduce its production by 201,000 barrels per day (bbl/d), according to the Oman Observer.

This figure represents a 23% cut of total production based on October 2018 levels and is in line with OPEC+ cuts.

Petroleum Development Oman (PDO), the Sultanate’s biggest oil producer, will cut production to 453,000 bbl/d, down from 588,000 bbl/d from oilfields across its Block 6 license. Occidental Petroleum is limiting output to 88,000 bbl/d from its Mukhaizna (Block 53), 62,000 bbl/d from Block 9, and 6,000 bbl/d from Block 27. Daleel Petroleum’s output from Block 5 will be restricted to 39,000 bbl/d, down from 51,000 bbl/d. CC Energy Development (CCED), operators of Blocks 3&4, will ease production to 30,000 bbl/d, down from 38,000 bbl/d. In addition to this, three other oil producers are expected to make modest cutbacks as well.

Oman’s share of the OPEC+ production will further decline to 161,000 bbl/d for the rest of 2020, before falling to 121,000 bbl/d for the remainder of the OPEC agreement which runs till April 2022.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register