Oman's Crude Oil Production

Source: Oman News Agency 4/7/2012, Location: Middle East

The Monthly Report released by the Oil and Gas Ministry pointed out that the Sultanate's crude oil and condensates production in March 2012 amounted to 27,995,649 barrel or 903,085 barrel a day, a 2.05% rise in comparison with same period 2011.

The monthly report also added that the total exported crude oil in March 2012 amounted to 23,229,515 barrel, an average of 749,339 bpd. The report pointed out that the Asian markets have received, as usual, the bulk share of the Omani crude oil exports. China topped the list of Omani crude importers in March 2012 with 39.40 %.

As for the movement of the oil markets during March 2012, the oil price significantly fluctuated in comparison with February 2012 .The price ranged between $102 and $126 per barrel. The average price for American crude oil in New York (Chicago) market amounted to 106.23 a barrel. The North Sea (Brent) basket averaged $124.5 per barrel.

It is worth mentioning that March trading started with hike in prices, in comparison with last month, as prices got support from risks faced by supplies due to tensions around Iran's nuclear program.

On the other hand, the trading Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a fluctuation in price in the same month - as it has been the case with other crude oils. Trading averaged between $120 and $124 per barrel. Oman crude Oil official price for May 2012 delivery eventually settled at $ 122, 80 barrel a day.


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