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Oil production in Oman rises by 1.3 per cent


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Muscat: Oil production grew a healthy 1.3 per cent by the end of May 2014 recording 142.1 million barrels compared with 140.3 million barrels recorded during the same period in 2013. Daily average crude oil production increased by the end of May 2014, recording 941,100 barrels per day compared with 929,000 barrels per day during the same period in 2013.

On the other hand, the average oil price per barrel registered a decline of 2.0 per cent from $107.56 per barrel at the end of May 2013 to $105.46 per barrel during the same period in 2014.



A report on crude oil and gas production issued by the National Centre for Statistics and Information (NCSI) attributed the increased oil production to the increase in crude oil produced; which registered 130 million barrels by the end of May 2014 when compared to the end of May 2013 figure of 126 million. Meanwhile, condensate production declined to 12 million barrels when compared with the end of May 2013 figures representing a decline of 15.3 per cent.

The report also reveals a decline in the total volume of oil exports to major countries by 5.1 per cent registering 120 million barrels by the end of May 2014 as compared to 126.6 million barrels during the same period in 2013.

China topped the list of the countries importing crude oil from Oman with 85.4 million barrels representing an increase of 21.4 per cent as compared to 70.3 million barrels imported during the same period in 2013.

In second place was Taiwan which imported 12.2 million barrels representing a decline of 23.6 per cent as compared to 16 million barrels imported during the same period in 2013; followed by Japan which imported 8.2 million barrels representing a decline of 32.4 per cent as compared to 12.1 million barrels imported during the same period in 2013.

Meanwhile, natural gas, taking into account imports and local production, declined by 6.2 per cent by the end of May 2014 registering 14,845 million cubic metres when compared with 15,824 million cubic metres. The fall is a result of the reduced production of non-associated gas by 7.5 per cent registering 12,012 million cubic metres as compared to 12,979 million cubic metres registered during the same period in 2013.

Associated gas production also declined marginally by 0.4 per cent registering 2,833 million cubic metres by the end of May 2014 as compared to 2,846 million cubic metres during the same period in 2013.

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Considering the facts that Oman performed better in 2013 in crude oil and condensates production, the country is continuing its efforts to maintain oil production since it imports to major Asian nations like China Taiwan. With the US Federal Reserve expected to start a tapering of its quantitative easing (QE) programme in December or the first half in 2014, there is an expectation that oil prices may trend downward in 2014. But, Oman can resist potential downward shocks to the global oil price.