Oman’s crude oil production rises in December

12/01/2015 09:14 AST

Muscat: The Sultanate's crude oil and condensate production in December 2014 amounted to 28,894,980 barrels, an average of 932,096 barrels a day (bpd), a rise by 1.15 per cent compared to November 2014 when calculating the daily average.

The monthly report by the Ministry of Oil and Gas said that the total exported crude oil in December 2014 amounted to 23,999,859 barrels, an average of 774,189 bpd, and a 3.45 per cent decline in comparison to November 2014 when calculating the daily average.

The Asian markets, as usual, have the biggest share of the Oman's oil exports. China still tops the list of Oman's crude oil importers in December 2014 with 83.98 per cent. The percentage of the imported quantities by Taiwan hit 8.23 per cent, a decline by 12.45 per cent.

Meanwhile, the imported quantities by Thailand, Sri Lanka and Tanzania declined marginally. However, they remained at low levels.

The average price for American crude oil in New York Mercantile Exchange in December 2014 amounted to $59.72 per barrel, indicating a $16.09 decline compared to the trading of the November 2014.

The North Sea (Brent) basket in ICE in London averaged $63.53 per barrel, comprising a decline by $16.33 compared to the trading of last month. The average Oman's oil price in December 2014 delivery amounted to $86.96 per barrel; a sharp decline by $10.30 compared to delivery in November 2014.

The oil prices continued their decline this month amid traders' worries due to the continuous decline from last August till date. While there are certain times when prices improved, still the general trend continued moving downward.

The lowest price for Brent Mix was $57 — an indication that the five-year long upward movement of price shifted downward to create a new pricing framework that keeps pace with the latest developments in world oil and gas markets, the global economy, the complex geopolitical situations and Organiation of Petroleum Exporting Countries' (Opec) stance towards the recent price movement.

Oman oil price (February delivery 2015) stood at $61.01, thus it sharply declined to $17.23 compared to January delivery 2015.

The trading of Oman crude oil future contract on the Dubai Mercantile Exchange (DME Oman) witnessed a decline in price in the same month, as it has been the case with other crude oils due to the same factors. It averaged between $70.55 and $53.13 per barrel.

Times of Oman