Muscat – Oman’s oil production has experienced a notable decline, with total output dropping by 5.1% to 272.4mn barrels in the first nine months of 2024, down from 287mn barrels in the same period last year, according to the data released by the National Center for Statistics and Information (NCSI).

The figures revealed a 6.7% year-on-year decrease in crude oil production, which fell to 208.5mn barrels during January-September period this year from 223.5mn barrels in the same period of 2023. However, condensate production showed a slight increase of 0.6%, reaching 63.9mn barrels compared to 63.8mn barrels a year earlier.

Average daily oil output for Oman was recorded at 994,200 barrels per day (bpd), reflecting a 5.1% decline from 1.047mn bpd during the corresponding period in 2023. September’s production averaged 991,500 bpd. The production drop is largely attributed to Oman’s compliance with OPEC+ production cut agreements.

In early 2024, Oman and fellow OPEC+ nations agreed to extend voluntary production cuts into the second quarter. Oman implemented an additional voluntary cut of 42,000 bpd, which remained in effect until the end of June 2024, on top of a previously announced cut of 40,000 bpd that extends through December 2024.

Exports reach 230mn barrels

Despite the reduction in crude oil output, Oman’s oil exports remained relatively stable in 2024. Total oil exports increased by 0.1% to 230.5mn barrels in the first nine months of 2024, compared to 230.3mn barrels in the same period of the previous year, according to NCSI data.

Oman sold its crude oil at an average price of $82.60 per barrel during the January–September period, marking a 3.5% rise from the $79.90 per barrel average in the same timeframe last year.

Exports to China, Oman’s largest customer for crude oil, rose by 4.5% to 219.5mn barrels, compared to 210.1mn barrels a year earlier. The world’s second largest economy accounted for 95% of Oman’s total oil export volumes during January-September period of 2024.

In contrast, crude exports to Japan saw a steep decline of over 46%, falling to just 3.95mn barrels from 7.38mn barrels in the same period last year. Conversely, exports to South Korea increased nearly 32%, reaching 3.75min barrels. Oil shipments to India declined by 26%, totaling just 2mn barrels during the January–September period of 2024.

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