Omani Oil Production Exceeds 30 MM Barrels in July

Omani Oil Production Exceeds 30 MM Barrels in July

Oman’s crude oil and condensates production reached around 30.1 million barrels during July, with a daily average production rate of 970,682 barrels, Times of Oman reported.

The monthly report issued by the Omani Ministry of Oil and Gas pointed out that the total exported quantities of crude oil last month amounted to about 21.33 million barrels, with a daily average of 688,051 barrels.

China’s imports of Omani oil registered a rise of 7.98% of the total imports to reach 78.04%. Imports by India, Korea, and Tanzania also increased by 0.76%, 2.78%, and 0.22%, respectively, while imports by Japan declined by 11% compared to the month before.

The price of Omani oil during July, for September delivery, stood at $63.87 a barrel, rising by $2.15 compared to August futures. It averaged between $61.01 and $ 66.77 per barrel.

The rise in crude oil prices during July is mainly attributed to extending production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, until March 2020. A decline in US crude oil inventories and the US Federal Reserve decision to cut interest rates for the first time in more than a decade also supported crude prices.


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