Muscat, The Sultanate's total crude oil and

condensates production during February 2019 stood at 27,197,968

barrels, a daily average by 971,356 barrels.

The total quantities of crude oil exported abroad during February

2019 stood at 23,544,329 barrels, a daily average of 840,869 barrels.

The Asian markets, as usual, dominated Oman's crude oil exports in

February 2019 as the People's Republic of China topped the list with

81.19 percent of the Omani crude oil, a rise by 2.36 percent compared

to January 2019.

The imported quantities by India declined this month by 1.9

percent, to stood at 6.65 percent of the Omani crude oil.

Oman's oil exports in February witnessed a return of demand for

buyers in Myanmar and Japan by 4.25 percent and 7.91 percent

respectively.

The report pointed out that the price of crude oil for the reference oil

around the world witnessed a rise during February 2019 compared to

the previous month.

The average price of West Texas crude grade in New York stood at

USD 55.22 per barrel comprising a rise by USD 4.19 compared with the

trading of January 2019.

The average price of North Sea Brent grade reached USD 64.43 a

barrel, constituting a rise by USD 3.46 per barrel compared with the

trading of January 2019.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile

Exchange (DME Oman) rose by 8.6% compared with last month.

Oman oil price (February Delivery 2019) deliver April 2019 stood at

USD 64.48 a barrel, comprising a rise by USD 5.12 compared to March

delivery 2019. It averaged between USD 67.22 a barrel and USD 61.19

a barrel.

The rise in crude oil prices during February 2019 was attributed to

several factors directly affected prices, most notably the continued

decline in the number of US oil rigs as the number of drilling platforms

is a preliminary indicator of the volume of production in the future.

Another factor is the continued impact of US sanctions on Venezuelan

exports that helped in reducing the supply of crude oil, in addition to

the continuation of the agreement between OPEC and its allies to

reduce production for six months since the beginning of January 2019

to avoid the growth of global surplus.

Source: Oman News Agency

News Reporter