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Oman increases oil output by 9.2% as exports jump

Oman’s daily average production of oil continued to remain above one million barrels per day (bpd) mark during the first four months of 2022, up by more than nine per cent in comparison to the daily average output recorded in the same period of last year.

Oil production during January – April period of this year increased to 1.04mn bpd compared with 952,800 bpd in the corresponding period of 2021, the data released by National Centre for Statistics and Information (NCSI) showed.

The sultanate’s total oil production in the first four months of 2022 grew by 9.2 per cent to 124.8mn barrels compared to 114.3mn barrels in the same period of 2021.

Of the total production, crude output jumped by 12.8 per cent year-on-year to 98.9mn barrels during January – April period from 87.6mn barrels in the same period of last year, while condensates output decreased 2.9 per cent to 25.9mn barrels during these four months.

India, Japan sharply increase imports
Oman’s total oil exports grew by 16.5 per cent during January – April period of 2022 to 108.8mn barrels compared with 93.3mn barrels exports recorded in the corresponding period of 2021.

The sultanate’s total oil exports for the full year 2021 had inched up 0.7 per cent to 288.9mn barrels from 287mn barrels in 2020.

Exports to China, the biggest buyer of Oman’s crude, accounted for around 78 per cent of the sultanate’s total oil exports during the first four months of this year, lower than its shares in the previous months.

In absolute terms, however, Oman’s oil exports to China rose 6.8 per cent to 84.7mn barrels during January – April period of this year compared to 79.3mn barrels in the same period of the previous year.

On the other hand, crude exports to India jumped by 58.5 per cent to 17.2mn barrels in the first four months of 2022 compared with 10.8mn barrels in the same period of 2021.

Oil shipments to Japan surged eight times to reach at 4mn barrels during January – April period this year against just 501,000 barrels in the same period a year ago.

Oil prices remain up
The average price at which Oman sold its crude during the first four months of 2022 surged by 57.1 per cent to US$82.2 per barrel against US$52.4 per barrel recorded for the same period of 2021.

The highest monthly average price of Oman crude this year was recorded in April at US$92 per barrel, while the average price for March stood at US$83.6 per barrel, the NCSI data showed.

With global oil prices continuing to rise amid Russia – Ukraine conflict, Oman crude prices recently rose to their highest level in more than eight years. Continuing its upward trend, Oman crude price on Friday rose 2.6 per cent to close at US$108.51 per barrel (for June delivery) at the Dubai Mercantile Exchange.
Source: Muscat Daily

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