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Oman crude price up 19% in July

12 Sep 2021 By MUSCAT DAILY CORRESPONDENT

Muscat – The average price of Oman crude at the Dubai Mercantile Exchange (DME) recorded an year-on-year increase of nearly 19 per cent during July 2021.

Oman crude price averaged at US$57.6 per barrel in July this year which is 18.6 per cent higher compared to US$48.6 per barrel in the same period of 2020, according to the NCSI data.

The sultanate’s daily average oil production decreased by 0.6 per cent to 956,500 barrels in July 2021 compared to 962,400 barrels in the same month of 2020.

Oman’s total oil production stood at 202.77mn barrels during the first seven months of 2021 compared to 204.98mn barrels in the same period of 2020, a decline of 1.1 per cent.

While crude production fell by 7.4 per cent to 156.18mn barrels this year compared to 168.58mn barrels in 2020, condensates production surged by 28 per cent to 46.59mn barrels.

Oman’s oil exports dropped 3.9 per cent to 163.96mn barrels during the January–July period of 2021 compared to 170.55mn barrels in the same period of last year.

China continued to remain the biggest destination for Oman crude. China imported 135.04mn barrels crude oil from the sultanate in the first seven months of 2021, an year-on-year decline of 10.7 per cent.

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