Oman earns export revenue of US$16.1 billion in first five months of 2013

barrel-ben alexander flickr optHigher demand from China helped push oil and export from Oman. (Image source: Ben Alexander/Flickr)Oman has announced that it earned US$16.1bn from its oil and gas exports from January to May 2013, up 8.8 per cent on the same period last year

The oil industry sources said that the increase was due to the higher demand from China, who imported 50 to 60 per cent of the goods.

The country’s oil production between January and August in 2013, meanwhile, averaged 937,000 bpd – an increase of around 29,000 compared to the same period in 2012.

The National Centre for Statistics and Information (Oman) data revealed that crude oil exports amounted to US$14bn, while refined oil and LNG brought a revenue of US$256mn and US$1.8bn respectively.

According to report in Oil & Gas Journal, Oman currently exports LNG from two liquefaction facilities, although rising domestic demand for natural gas could limit the volumes available for export in the future.

Oman reportedly had 5.5bn barrels of proved oil reserves as of January 2013.

The Sultanate’s only export crude stream is the Oman blend, which is a medium-light and sour crude.

 

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