Oman’s daily average oil production in September decreased to 718,700 barrels, which was 0.18 per cent lower, compared to the August daily production volumes.
The monthly report published by the Ministry of Energy and Minerals on Sunday indicated that daily average exported quantities of Oman crude dropped by 1.21 per cent to 736,165 barrels in September compared to the previous month.
Of Oman’s total oil exports, China’s share in September climbed by 1.9 per cent to more than 88 per cent. Similarly, India’s import percentage rose by 7.4 per cent. However, Japan’s share slightly decreased in September.
As per the ministry’s report, the average price of Oman crude futures contract at Dubai Mercantile Exchange increased by 6.1 per cent in September compared with the previous month. The monthly official selling price for Oman crude (for November delivery) stood at US$41.6 per barrel, an increase of US$2.72 from August official selling price. The daily trading marker price of Oman crude ranged between US$39.04 and US$45.43 per barrel during September.
The Ministry of Energy and Minerals said that the oil prices experienced an overall downtrend sentiment during the trading of September due to several factors, which had a direct and negative impact on prices. ‘Among the most prominent factors is the slow global economic recovery due to the COVID-19 pandemic, which contributed to weak global oil demand.’