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Oman: Oil exports rise as Asia tops the list

Monday, 20 February 2012 | 00:00
The Sultanate’s crude oil and condensates production in January this year amounted to 27,497,5 barrels or 887,16 barrels on average per day. This was revealed by the monthly report released by the Oil and Gas Ministry. The report also added that the total exported crude oil in January amounted to 21,486,856 bpd, an average of 693,124 bpd.
The report pointed out that the Asian markets have received the bulk share of the Omani crude oil exports. China topped the list of Omani crude importers in January with 52.82 per cent followed by Japan 18.18 per cent and Singapore 12.10 per cent of the total exports. This month exports witnessed the absence of India and South Korea from the list of crude oil importers.
As for the movement of the oil markets during January, the oil price witnessed a remarkable fluctuation compared to last month averaging between $98 to $113 per barrel. The average price for American crude oil in New York (Chicago) market amounted to $100.18 barrel. The Brent basket averaged $111.27 per barrel.
Meanwhile, consistent with sustained recovery of the economy, banking and monetary indicators witnessed accelerated growth in 2011 compared to the previous year. According to the combined balance sheet of commercial banks, total assets increased by 17.5 per cent to RO 18,388 million in 2011 compared to RO 15,647.7 million the previous year.
Cash on hand and deposits of commercial banks with the CBO stood lower at RO 978.9 million at the end of December 2011 compared to RO 1,520.3 million a year ago. Total credit expanded by 16.7 per cent to RO 12,514.9 million in 2011 and accounted for 68.1 per cent of total assets of the banks. Credit to the government declined by 31.2 per cent in December 2011 reflecting revenue surplus arising out of higher realisation of crude oil prices.
Credit to public enterprises and the private sector increased by 58.4 per cent and 13 per cent, respectively. Commercial banks’ overall investments in securities increased by 49.4 per cent to RO 2,198.7 million by December 2011 from RO 1,471.4 million a year ago. Of the total outstanding investments, commercial banks’ investments in CBO CDs increased by 70.7 per cent to RO 1,372 million in December 2011 from RO 804 million a year ago.
Investments in government development bonds (GDBs) also increased by 39.9 per cent to RO 400.4 million in December 2011 compared to its level last year, reflecting new issues of five-year GDBs by the Ministry of Finance worth RO 150 million. Investments in foreign securities increased by 33.1 per cent to RO 275.5 million from RO 206.9 million during the same period.
On the liabilities side of the balance sheet, total deposits (rial plus foreign currency deposits) witnessed a year-on-year growth of 19.6 per cent to RO 12,573.3 million in 2011 from RO 10,516.8 million in the previous year. Government deposits with commercial banks increased by 46.9 per cent to RO 3,373.1 million while deposits of public enterprises increased by 13.4 per cent to RO 980.5 million during the same period. Private sector deposits with commercial banks increased by 11 per cent to RO 8,031.3 million in 2011 from RO 7,236.9 million in the previous year. The provisional figure for net profits of commercial banks (domestic operations) stood higher at RO 262.3 million at the end of December 2011 compared to RO 247.7 million a year ago.
Source: Omanet
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