Oman's June oil production reaches 29.21mn

Muscat: Oman's crude oil and condensate production throughout June 2018 amounted to 29.21 million barrels, equivalent to a daily average of 973,500 barrels, according to the monthly report issued by the Ministry of Oil and Gas (MOG).
Meanwhile, a total of 23.47 million barrels of Oman Crude Oil were exported in June 2018, representing a daily average of 782,540 barrels.
Exports to the People’s Republic of China rose by 9.65 per cent month-on-month, with 83.55 per cent of the total exports of Oman Crude Oil going to the East Asian giant in June 2018. Similarly, exports to the Indian sub-continent climbed 4.73 per cent on a month-on-month basis, while Oman Crude Oil imported by Japan slipped by 0.40 per cent compared to figures from May.
On the other hand, buyers from Thailand accounted for 2.02 per cent of total exports in June.
Prices in futures trading in major crude oil benchmarks around the world witnessed a fallback in June 2018 compared to the previous month. The average price for West Texas Intermediate (WTI) crude oil at the New York Mercantile Exchange (Nymex) amounted to US$67.23 per barrel in June, which is $2.73 lower than the average price in May.
Meanwhile, the average price of the North Sea Brent mix at the Intercontinental Exchange (ICE) in London dropped to $75.94 per barrel, down by $1.07 compared to the previous month's trading.
The average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) followed the same trend, witnessing a 1.1 per cent price drop compared to the previous month.
The official selling price (OSP) for Oman Crude Oil in June 2018 for the delivery month of August 2018 settled at $73.61, lower by just $0.80 compared to May's trading prices. The trading price ranged between $71.06 per barrel and $75.32 per barrel.
The downward trend in crude oil prices in June 2018 was attributed to several key factors that negatively affected prices, including the rise in the exchange rate value of the US dollar, which placed pressure on primary commodities priced in US currency.
The increasing number of active drilling rigs in the United States also led to continued speculation around higher US oil production.
Another main factor that negatively impacted oil prices were market speculations ahead of the June meeting of the Organisation of Petroleum Exporting Countries (Opec) with its non-Opec partners, where the market is expecting a decision to boost production by two million barrels.
However, the US-China trade war managed to give oil prices a positive boost on certain days.