Oman’s average daily production of crude oil increased by 1.1 per cent to 730,458 barrels per day (bpd) in January 2021 compared to the average daily production in the previous month, according to the monthly report issued by the Ministry of Energy and Minerals on Tuesday.
In January, Oman on average exported 814,656 bpd of oil per day, a decline of 0.97 per cent compared to December 2020. Oil exports to China, which accounted for 79 per cent of Oman’s total crude shipments last month, decreased by 2.7 per cent in January from the previous month.
The decrease in exports to China was offset by a significant increase in imported volumes by India and Malaysia in January.
The ministry’s report said that oil prices for all reference crude oil grades around the world experienced a bullish trend during the trading in January (for March delivery) compared with the trading in December.
The average price of Oman crude contract at the Dubai Mercantile Exchange increased by 9.6 per cent in January compared with previous month. The average monthly official selling price for Oman crude (for March delivery) rose to $54.78 per barrel in January from US$49.99 per barrels in December.
‘Crude oil prices experienced overall optimistic sentiments during the trading in January due to several factors, which had direct and positive impact on prices. Among most prominent factors that led to the price increase was the new US$1.9tn COVID-19 relief package announced by the US President Joe Biden,’ the ministry said.
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