Muscat - Oman's crude oil and condensates production amounted to 29,718,800 barrels, an average of 958,671 barrels a day (bpd) in January 2014, a rise of 1.48 per cent in comparison with December 2013, according to the Ministry of Oil and Gas.
The total exported crude oil in January 2014 amounted to 24,585,956 barrels, an average of 793,095 bpd, a 1.09 per cent decline in comparison with the previous month of December 2013, pointed out a Ministry of Oil and Gas monthly report.
China continued to top the list of Omani crude oil importers in January 2014 with 79.61 per cent, followed by Japan, Thailand and Singapore in varying degrees, but not exceeding ten per cent of the total exports.
With regards to the movement of the oil markets in January 2014, the average price for American crude oil on the New York Mercantile Exchange (NYMEX) amounted to US$94.96 per barrel, a decline by US$2.93, while the North Sea (Brent) basket averaged US$106.82 per barrel, a decline by US$3.54 compared to the trading last month.
Global crude oil prices posted a remarkable slump during January trading compared with the previous month due to the appreciation of the US dollar, adverse weather conditions, and severe cold in various parts of the US. These factors may not only limit the production of oil, but may also limit demand.
The trading of Oman Crude Oil Future Contract at (DME Oman also witnessed a fluctuation in price in January 2014.
© Muscat Daily 2014
