Muscat – Oman’s daily average production of oil increased to 1.05mn barrels per day (bpd) during the first half of 2022, up by 9.7 per cent in comparison to 954,900 bpd output recorded in the same period of last year.
The sultanate’s total oil production in the first six months of this year grew by nearly 10 per cent to 189.55mn barrels compared to 172.84mn barrels in the same period of 2021, according to the official data released on Wednesday by National Centre for Statistics and Information (NCSI).
Of the total production, crude output jumped by 13.2 per cent year-on-year to 150.47mn barrels during the first half of 2022 from 132.92mn barrels recorded in the same period a year ago. Condensates output, however, decreased by 2.1 per cent to 39mn barrels during January – June period this year.
Earlier in June, the Minister of Energy and Minerals said that the new discoveries of oil reserves by companies operating in Oman will help the sultanate increase its daily oil output between 50,000 – 100,000 bpd over the next two to three years.
Oman’s daily average oil production has consistently remained above one million barrels per day during the first six months of 2022.
The sultanate’s total oil exports grew by 16.2 per cent during the first six months of this year to 162.4mn barrels as compared with 139.8mn barrels recorded in the corresponding period of 2021, the NCSI data showed.
Total oil exports for the full year 2021 had inched up 0.7 per cent to 288.96mn barrels from 287mn barrels in 2020.
Oil exports to China, the biggest buyer of Oman’s crude, accounted for nearly 76 per cent of the sultanate’s total oil exports during the first half of this year.
Total exports to China grew by 6.3 per cent at 123.1mn barrels during January – June period of this year compared with 115.85mn barrels recorded in 2021.
On the other hand, exports to India jumped by over 76 per cent to more than 25.39mn barrels in the first six months of this year from 14.42mn barrels in the same period of 2021.
The average price at which Oman sold its crude during the first half of 2022 surged by nearly 61 per cent to US$90.4 per barrel against US$56.2 per barrel recorded in the same period of 2021. The average price for June stood at US$102.4 per barrel, which is lower than US$111 recorded in May, the NCSI data showed.
With global oil prices continuing to remain above US$100 mark amid Russia – Ukraine conflict, Oman crude prices in the second quarter of 2022 rose to their highest level in more than eight years. Oman crude price on Wednesday stood at US$104.63 per barrel (for September delivery) at the Dubai Mercantile Exchange.