‘China, largest importer of Omani crude’

China accounts for 77 per cent of Omani crude exportsDuring 2015, the average price of Omani crude fluctuated from a peak of US$78.24 in January to a low of US$45.76 in November. (Image Source:skeeze/Pixabay)Central Bank of Oman (CBO)’s newly released annual report revealed that China retained its position as the top destination for Omani oil exports, accounting for 77 per cent of total crude exports in 2015

Oman shipped a total of 308.1mmbbl last year, of this 237.6 mmbbl was exported to China, the report which cited statistics furnished by the Ministry of Oil Gas, said.

There has been a steady increase in the Chinese export of Omani crude over recent years, rising from 45 per cent in 2011 (of total exports of 269.4 mmbbl), to 50 per cent in 2012 (total exports of 279.8 mmbbl), 59.4 per cent in 2013 (total exports of mmbbl) and 72 per cent in 2014 (total exports of 292.2 mmbbl).

Taiwan was the second largest importer of Omani crude receiving 27.8 mmbbl crude last year and accounting for nine per cent of the total exports. Other notable importers of Omani crude in 2015 were Singapore (10 mmbbl), Japan (9.6 mmbbl), Thailand (9.4 mmbbl), South Korea (5.9 mmbbl), and India (4.6 mmbbl).

The report also noted that in spite playing an important role in the economy, the hydrocarbon sector’s contribution to the nation’s GDP had seen a downward trend, falling from 47.2 per cent in 2014 to 33.9 per cent last year.

“The sharp decline in the crude oil prices in the global market that was not accompanied by a significant increase in crude oil and gas production in Oman during the year 2015, could explain the reduction in the contribution of this sector to the aggregate GDP,” the CBO stated.

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