Muscat – Oman’s daily average production of oil increased to 1.064mn barrels per day (bpd) during the first 11 months of 2022, up by 10 per cent in comparison to 967,600 bpd output recorded in the same period of the previous year.

The sultanate’s total oil production in the first 11 months of 2022 grew by 10.0 per cent to 355.47mn barrels compared to 323.174mn barrels in the same period of 2021, according to the official data released by National Centre for Statistics and Information (NCSI).

Of the total production, crude output jumped by 13.5 per cent year-on-year to 283.53mn barrels during the first 11 months of 2022 from 249.76mn barrels recorded in the same period a year ago. Condensates output, however, decreased by 2.0 per cent to 71.94mn barrels during January – November period of 2022.

Earlier in June 2022, Oman announced 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 11 months of 2022.

Exports jumps 12.7%

The sultanate’s total oil exports grew by 12.7 per cent during the first 11 months of this year to 293.94mn barrels as compared with 260.80mn barrels recorded in the corresponding period of 2021, the NCSI data showed.

Total 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 over 80 per cent of the sultanate’s total oil exports during January – November period last year.

Total exports to China grew by 7.9 per cent at 237.76mn barrels during the first 11 months of this year compared with 220.29mn barrels recorded in 2021. Shipments to Japan surged by 215 per cent to 10.69mn barrels against 3.38mn barrels in the same period a year ago.

On the other hand, oil exports to India jumped by over 23.2 per cent at 29.88mn barrels during January – November period of 2022 from 24.26mn barrels in the same period of 2021.

The average price at which Oman sold its crude during the first 11 months of 2022 was 53 per cent higher at US$95.8 per barrel against US$62.7 per barrel recorded in the same period of 2021. The average price of Oman crude fell to US$90.8 per barrel in November from US$97 in the previous month, the NCSI data showed.