Oman’s oil exports drop 5% in 2023 as production declines

Oman’s oil exports saw a nearly five per cent year-on-year decline in the first 10 months of 2023, primarily due to a significant drop in shipments to India and South Korea.

The sultanate’s total oil exports decreased 4.9% to 256.3mn barrels during the first 10 months of 2023, compared to 269.4mn barrels recorded in the corresponding period last year, as per data released by the National Center for Statistics and Information (NCSI).

Oman’s oil exports to India, which was the second-largest buyer of Omani crude last year, plummeted by 90.9% to 2.7mn barrels in the January – October period of 2023, compared to 29.9mn barrels during the same period in 2022, the NCSI data showed.

India’s crude oil imports from traditional Middle Eastern suppliers have significantly declined this year, largely due to increased imports of Russian oil.

Oman’s oil exports to South Korea fell 74.9% to 2.8mn barrels in 2023 against 11.3mn barrels recorded in the first 10 months of 2022. Exports to Japan also decreased by 22.8% to 7.9mn barrels.
By contrast, the sultanate’s oil exports to China, the largest buyer of Oman’s crude, increased 9.4% in the first 10 months of this year, reaching 235.4mn barrels compared to 215.3mn barrels in the corresponding period last year.

China accounted for approximately 92% of Oman’s total oil shipments from January to October 2023.

Output decreases 1.4%
Oman’s total oil output decreased 1.4% to 319.3mn barrels during the first 10 months of 2023, in comparison to the same period last year, according to NCSI data.

The daily average output also decreased 1.4% this year to 1.05mn barrels per day during the January–October period, compared to 1.06mn barrels per day for the same period in 2022.

Of the sultanate’s total oil production during the first 10 months of 2023, crude output decreased by 3.8% year-on-year to 248.4mn barrels, while condensate production grew by 8.4% year-on-year to 70.9mn barrels.

The average price at which Oman sold its crude during the first 10 months of 2023 remained 16% lower at $80.5 per barrel, compared to $96.3 per barrel achieved in the same period in 2022.
Source: Muscat