Muscat, The Sultanate's total production of crude oil and condensate throughout December 2019 reached (30,084,446) barrels, with a daily average of (970,466) barrels, said the monthly report published by the Ministry of Oil and Gas (MOG).

The total exported quantities of the Sultanate's crude oil during December 2019 reached (28,561,083) barrels, with a daily average of (921,325) barrels.

Furthermore, a decrease of about 10.23%, China imported volume of Oman's crude oil during the month, recorded 82.76% of the total exports of Omani crude oil, compared with the previous month (November 2019). On the other hand, Japan imports of Omani crude increased by 3.05% to reach 6.60% compared with November quotas. It is worth mentioning, December imports witnessed a return of demand from the buyers in South Korea.

The Crude Oil Prices have hiked during December 2019 futures settlement trading, compared to November 2019 for the major crude oil benchmarks around the world. The West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) has averaged (USD 59.65) a barrel, up by (USD 2.56) compared to November 2019 trading. Likewise, North Sea Brent blend on the ICE in London averaged (USD 65.17) a barrel, increased by (USD 2.46) compared to November 2019.

Similarly, the average monthly price for Oman Crude Oil Future's Contract at the Dubai Mercantile Exchange (DME) rose by 4.3% compared with previous month. The official selling price for Oman Crude Oil during trading of December 2019, for the delivery month of February 2020, settled at (USD 65.49) per barrel, increased by (USD 2.68) compared to January 2019 delivery. The daily trading marker price ranged between (USD 61.76) per barrel, and (USD 68.31) per barrel.

During December 2019, several factors have fueled the market and eventually the prices to climb. The agreement of OPEC and OPEC Plus to deepen the production cut by 500,000 per day of crude oil in the first quarter of 2020, has supported the oil prices move and curb the expectations of over-supply in the market. Moreover, the increase in domestic demand for fuel in China and thus improving in manufacturing activities, and this been observed as indication of a healthy economic growth and extra oil demand in China. In addition, the announcement by the United States and China of the "first stage" agreement to settle the trade dispute, and the decline in United States commercial inventories have collectively boosted investor confidence in improving demand for oil in the world's largest economies.

Source: Oman News Agency