Oman data: Oil output surges to 16-month high
Oman’s crude oil and condensate production in June jumped to its highest in 16 months, another sign that key producers in the Middle East are beginning to pump more oil, data from Oman’s oil ministry showed Tuesday.
The sultanate’s crude oil and condensate output averaged 973,500 b/d in June or 29,205,000 barrels, the highest since February last year.
Crude oil exports in Oman averaged 782,540 b/d as flows to its largest customer China rose 10% accounting for 84% of total exports.
Around 9% of total exports went to India, while Japan and Thailand were the other destinations of Omani crude exports in June.
Oman is one of the few non-OPEC producers besides Russia which has some spare production capacity.
OPEC and 10 allies, led by Russia, agreed June 23 to raise production by 1 million b/d but left unsettled how the increase would be allocated.
The sultanate is also a member of the six-country monitoring committee – along with Saui Arabia, Algeria, Kuwait, Venezuela and Russia — that are working towards reallocating production quotas in the OPEC/non-OPEC supply accord
In December 2016, Oman had agreed to cut monthly crude and condensate production by 50,000 b/d from 1.019 million b/d under the OPEC/non-OPEC production cut dea