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Oman’s crude oil production up marginally in November



Muscat: Oman's total production of crude oil and condensates amounted in November 2012 to 28,005,278 barrels, a daily rate of 933,509 barrels, a rise by 0.75 per cent compared to October 2012. The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in November 2012 stood at 23,573,442 barrels, a daily rate of 785,781 barrels, a decline by 6.27 per cent compared to October 2012.

As always, the Asian markets absorbed the largest proportion of the Omani oil exports. China topped the list of importers of Omani oil during the month of November 2012 by 45.84 per cent followed by Taiwan with 21.13 per cent of the total exports.

With regard to the movement of oil markets in November 2012, the crude oil prices continued increasing during this month as the average price of American crude oil in the New York Stock Exchange (Chicago) stood at $86.92 a barrel, a decline by $2.91 compared to the trading in October 2012.

The average price of North Sea (Brent) stood at $108.96, a decline by $2.08 compared to the trading in October 2012.  It is worth mentioning that world crude oil prices in November 2012 trading witnessed a rise supported by optimism about reaching an agreement in the US to avoid Financial Recession Crises, in addition to mounting tension in the Middle East. 

On the other hand, the future contracts of Oman Crude Oil at Dubai Mercantile Exchange also witnessed some fluctuations as other varieties in the world according to the aforementioned factors. As trading was between $104.72 a barrel and $109.57 a barrel, the average price of Omani official oil, to be delivered in January 2013, stabilised at $107.14 a barrel, a decline by $1.53 compared to December 2012.

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