MAY 12, 2024

Oman exports 78.83 million oil barrels by end of March 2024

MUSCAT: The total amount of Oman's oil exports until the end of March 2024 reached approximately 78.838 million barrels based on an average price of $79.7 per barrel, with oil exports accounting for 86.7 per cent of the total oil production of 90.885 million barrels.

Preliminary statistics from the National Centre for Statistics and Information (NCSI) indicated that total oil exports increased by 3.7 per cent by end of March 2024 compared to the end of March 2023, reaching a total of 76.042 million barrels. However, there is a 5.1 per cent decrease in production, where reached 95.741 million barrels by the end of March 2023.

The total production of crude oil decreased by 7.7 per cent to reach 69. 571 million barrels by the end of March 2024, while the total production of petroleum condensates increased by 4.6 per cent, registering 21.313 million barrels. The average daily oil production reached 998,700 barrels by the end of March 2024.

China topped the list of countries importing oil from Oman with total exports reaching 77.337 million barrels, an increase of 10.8 per cent compared to the end of March 2023, followed by Japan with 1.500 million barrels, a decrease of 33.9 per cent.

On the other hand, the total local production and import of natural gas reached 13.169 million cubic metres by end of March 2024, an increase of 1.8 per cent compared to the same period in 2023, which recorded 12.931 million cubic metres.

Statistics showed that industrial projects accounted for 9.2 per cent of the uses of natural gas in Oman by end of March 2024, reaching 8.807 million cubic metres.

The total use of natural gas includes: oil fields (including losses and meter differences and contraction factors), which reached 2.550 billion cubic metres, power generation stations (including gas consumption at Sultan Qaboos University and the Ministry of Defense) reached 1.745 billion cubic metres, and industrial zones (including industrial areas, Oman Mining Company, and Oman Cement) reached 66.200 million cubic metres.

The associated natural gas production, inclusive of imports, reached 10.475 billion cubic metres, while the non-associated production reached 2.694 billion cubic meters. — ONA

Source: Oman Observer