Omani Oil Exports Slide 8.7%

Omani Oil Exports Slide 8.7%

Crude exports from Oman slid 8.7% to 245.19 million barrels this year through October, Arabian Business reports.

The country produced 294.88 million barrels of oil and condensates, down 3.7% from the 306.26 million barrels produced the during the first ten months of the previous year, according to Arabian Business.

Even though production is down, it has rebounded somewhat from earlier this year. For the first seven months of 2017, output was down 3.9%, according to MENAFN.

Higher prices have helped offset the lower production. Oman’s average price per barrel of oil has risen approximately 30%, according to prices reported by Arabian Business.

China imports approximately 70% of Oman’s crude. Other large importers include India and Taiwan, Arabian Business reports.

The newspaper took its statistics from the National Centre for Statistics and Information (NCSI).

Oman is one of the non-OPEC participants in the OPEC-led, production-cut agreement to reduce global oil supplies and bolster prices.

Earlier this month Oman announced the award or exploration and production concessions to Tethys Oil Company and Eni.

Oman is one of the non-OPEC participants in the OPEC-led, production-cut agreement to reduce global oil supplies and bolster prices.

Earlier this month Oman announced the award of exploration and production concessions to Tethys Oil Company and Eni.

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