Average price of Oman crude surges 25% in Q1

Muscat - 

Average price of Oman’s crude oil increased 24.8 per cent during the first quarter of 2018 to US$62.9 per barrel compared with US$50.4 per barrel in the corresponding period of 2017, according to statistics released by the National Centre for Statistics and Information (NCSI).

The statistics showed that the sultanate’s total crude and condensates exports stood at 72.64mn barrels during the three months ended March 31, 2018, showing a decline of 2.8 per cent from the end of March 2017 when the total exports stood at 74.75mn barrels.

Oman’s production of crude oil and condensates by the end of March 2018 was 87.03mn barrels, including 77.24mn barrels of crude oil and 9.78mn barrels of condensates.

China remained the largest importer of Oman crude, with exports to China hitting 56.89mn barrels. This was followed by India with 13.44mn barrels and Japan with 901,700 barrels.

On the other hand, total domestic production and imports of natural gas reached 10.9bn cubic meters by the end of March 2018, which is an increase of 6.8 per cent compared with the end of March 2017, when it was 10.21bn cubic meters.

 

The statistics showed that industrial projects in the sultanate used 61.2 percent of the natural gas by the end of March 2018, which was 6.67bn cubic meters.

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