oil and gas

Sultanate’s average oil price falls 6.1% in Nov 2020

December 29, 2020

Muscat: The Sultanate’s oil production, including condensates, stood at 318.62 million barrels until the end of November 2020, according to the latest data released by the National Centre for Statistics and Information (NCSI).

The average oil price in November 2020 fell by 6.1% compared to October 2020.

Of the total production, crude oil production fell by 8.9% at 256.45 million barrels, while condensates production rose by 44.9% to touch 62.17 million barrels.

The Sultanate recorded a daily average crude oil production of 951,100 barrels at the end of November 2020, against 971,000 barrels over the same period of 2019, the NCSI report added.

However, the average price of Oman Crude fell by 27.3% to reach $46.5 per barrel until the end of November 2020, from $63.9 per barrel in the same period of 2019.

Oman exported 262,036,000 barrels of crude oil until the end of November 2020, against 281,776,300 barrels for the same period of 2019, falling by 7%.

In terms of exports, China retained its position as the leading destination for Sultanate’s crude oil exports until November 2020, with the country importing 227,649,700 barrels of crude oil from Oman. This was followed by India (16,142,300 barrels), South Korea (4,996,200 barrels and Japan (2,605,400 million barrels).

Oman produced 354.3 million barrels of oil and exported 310.3 million barrels in 2019. Besides, the country’s daily oil production stood at 970,900 barrels last year.

Meanwhile, Oman’s natural gas production and imports fell to 42,215 million cubic metres (MNCM) at the end of November 2020, from 42,194 MNCM for the same period of 2019. Of this, non-associated gas and imports rose by 2.6% to 35,450 MNCM and associated gas production fell by 11.5% to 6,765 MNCM, added the NCSI report.

The use of natural gas in industrial projects fell by 3.8% to reach 25,091 MNCM at the end of November 2020, against 26,087 MNCM for the same period of 2019. As much as 10,218 MNCM of natural gas was used in oil fields, against 8,886 MNCM units consumed for the same period of 2019.

omanobserver

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