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
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