Oman’s crude oil production on the rise

oil production rcbodden FLICKOman’s average daily production of crude oil and condensates during February 2016 was 1,013,713 barrels, a 0.72 per cent increase from January

The statistics released by ministry of oil and gas showed that the total production had amounted to 29,397,683 barrels for last month.

It also showed the total quantities of crude oil exported abroad during February 2016 at 28,804,712 barrels, a daily rate of 993,266 barrels, a rise of 12.67 per cent compared to the previous month.

China's imports have declined by 26.39 per cent in February, compared to January 2016. On the other hand, exports to Taiwan, Singapore and South Korea increased by 7.93, 1.67 and 9.79 per cent respectively in comparison with the previous month.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a rise during February similar to other oil types in the world. It averaged between US$31.94 and US$26.83 per barrel. Meanwhile, Oman oil price (April Delivery 2016) stood at US$30.23 comprising a rise of 2.83 cents compared to the March 2016 delivery.

The crude oil prices for most reference oils recovered during February trading compared to settlement prices in January 2016. The prices hovered around US$30 per barrel. Omani crude oil restored some of its profits lost last month.

This increase is attributed to a number of reasons that directly affected the prices, namely the depreciation of the US dollar to record levels in the past seven weeks. This depreciation makes the raw commodities priced in the US dollar less costly for holders of other currencies.

It is also attributed to the decline in US shell oil production and the recovery of Asian transactions after the release of the US data, which showed a decline in the number of oil rigs operating for nine successive weeks.

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