Oman’s Oil Output Increases In September, Exports Drop
Oman’s daily average oil production increased by 1 per cent to 983,000 barrels per day (bpd) in September 2021 compared with 973,000 bpd recorded in the same month of last year, according to the data released by the National Centre for Statistics and Information (NCSI).
Oman’s total oil production (including condensates) slightly increased by 0.5 per cent to 262.43mn barrels during the January-September period of 2021, compared to 261.10mn barrels in the same period of 2020.
Of the total oil production, crude production decreased by 4.7 per cent at 202.52mn barrels, while condensates production rose 23.2 per cent to 59.91mn barrels in the first nine months of this year against the corresponding period of 2020, the NCSI data showed.
As Oman continues to stick to its OPEC+ commitments on crude oil production, the sultanate has sharply increased its condensates output this year as condensate production is exempt from the obligations of the OPEC+ deal. The OPEC+ agreement allowed non-OPEC oil producers to exclude condensate output from their production quotas, which has enabled countries like Russia and Oman to sharply raise their condensate output.
The average price at which Oman sold its crude during the first nine months of 2021 remained nearly 49 per cent higher at US$68.5 per barrel compared with US$46 per barrels achieved during full year 2020.
Oman crude is currently trading near its highest price level in the past three years. On Friday, Oman crude price at the Dubai Mercantile Exchange reached US$82.75 per barrel (for December delivery).
Exports edge down
Oman’s oil exports recorded a 1.7 per cent year-on-year decline during the first nine months of 2021, mainly due to a significant drop in China-bound shipments.
The sultanate’s total oil exports decreased to 211.96mn barrels in the first nine months of 2021 in comparison with 215.72mn barrels recorded in the corresponding period of last year, according to the NCSI data.
Oman’s crude exports to China, the biggest destination for the sultanate’s oil shipments, fell 8.2 per cent to 174.85mn barrels during the January-September period of 2021 compared to the same period a year ago.
On the other hand, Oman’s oil exports to India, Japan and South Korea sharply rose during the first nine months of the year.
Oil exports to India jumped by 153 per cent to 22.25mn barrels in the first nine of 2021 from 8.79mn barrels in the same period a year ago, while exports to Japan surged by 61 per cent to 3.38mn barrels.
South Korea purchased 31 per cent more quantity of Oman crude during the January-September period at 6.54mn barrels against 4.99mn barrels in the same period of the previous year.
Oman’s oil exports to rest other countries dropped more than 47 per cent to 4.92mn barrels.
Source: Muscat Daily