Muscat, The Sultanate’s total crude oil and

condensates production during January 2019 stood at 30,078,308

barrels, a daily average by 970,268 barrels.

The total quantities of crude oil exported abroad during January 2019

stood at 23,320,987 barrels, a daily average of 752,290 barrels,

The report said that the imported quantities of the Omani crude oil by

China continued declining compared to December 2018 by 8.40% to

stand at 78.83% yet it still tops the list of the Omani crude oil importers.

The import quantities by India also declined this month by 5.61%. the

imported quantities by Japan rose at 1.35%

The imports of this month witnessed a return of demand for Omani

crude by the buyers Korea and the Philippines.

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

around the world witnessed a rise during January 2019 compared to

the previous month.

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

USD 51.76 per barrel comprising a rise by USD 2.39 compared with the

trading of December 2018.

The average price of North Sea Brent grade reached USD 60.24 a

barrel, constituting a rise by USD 2.36 per barrel compared with the

trading of December 2018.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile

Exchange (DME Oman) rose by 3.5% compared with last month.

Oman oil price (January Delivery 2018) stood at USD 59.36 a barrel,

comprising a rise by USD 2.03 compared to March delivery 2019. It

averaged between USD 52.18 a barrel and USD 62.25 a barrel.

The increase of crude oil prices during January trading is attributed

to a number of factors that have a direct

effect on oil prices, most importantly the actual start of the new

agreement to reduce production by the Organization of the Petroleum

Exporting Countries (OPEC) and its allies from non-OPEC producing

countries.

The relative stability of the global stock markets also contributed in

enhancing the global economic conditions, in addition to the decline of

the number of US oil rigs, which is a preliminary indicator of the volume

of production in the future. The positive impact of the negotiations

between the United States and the People’s Republic of China on the

non-escalation of the trade war between the two countries was also a

factor that led to rise of oil price in January 2019. This has brought

some reassurance to world markets.

The political instability in Venezuela has also threatened to reduce

the global supply of heavy crude oil. The United States has imposed

economic sanctions on the current government in Venezuela,

specifically on the oil industry, restricting transactions between US

companies and the state-owned National Oil Company of Venezuela.

Source: Oman News Agency