AUGUST 21, 2023

Oman's total oil production tops 223 million barrels until July

The Sultanate of Oman’s total oil production (including condensates) until July 2023 reached 223.544 million barrels. This represents a slight increase of 0.2% from 223.176 million barrels during the same period last year, preliminary data from National Centre for Statistics and Information (NCSI) shows. The country's daily average production stood at 1.054 million barrels, demonstrating Oman's continued commitment to meeting global demand for oil.

Crude oil production in Oman reached 174.642 million barrels, which reflects a modest decrease of 1.5% compared to the same period last year with 177.307 million barrels. Despite this decline, it is noteworthy that the country has maintained a substantial output level, showcasing its resilience in the face of various challenges in the global oil market.

Oman's condensate production, on the other hand, experienced a notable increase of 6.6%, reaching 48.902 million barrels until July 2023 from 45.869 million barrels during the same period last year. This growth highlights Oman's efforts to tap into alternative sources of hydrocarbons and diversify its energy portfolio.

In terms of oil prices, Oman witnessed a decline in the average price per barrel. The average oil price stood at $80.5 per barrel, representing a decrease of 13.3% from last year's average price of $92.8 per barrel.

Oman's oil exports to major countries experienced mixed trends. Exports to Japan decreased by 20% to 5.845 million barrels, while exports to South Korea saw a significant decline of 77.8% to 1.951 million barrels. However, Oman's oil exports to China surged by 12.8% to 163.167 million barrels, showcasing the country's growing importance as a supplier to the world's second-largest economy. Meanwhile, exports to India experienced a substantial decline of 90.1% to 2.716 million barrels from 27.378 million last year. Other countries witnessed a remarkable increase in imports from Oman, with a growth rate of 227.8% compared to the previous year from 1.609 million barrels to 5.275 million barrels until July this year.

Total oil exports from Oman reached 178.956 million barrels, representing a decrease of 5.7% compared to the previous year's exports of 189.776 million barrels. Despite the decline, Oman remains a significant player in the global oil market, contributing to the stability of the energy sector.

In the natural gas sector, Oman's combined import and local production of natural gas until July 2023 reached 30.914 million barrels of oil equivalent (mmboe), marking a slight increase of 1.4% from last year's production of 30.485 mmboe. The production of associated gas rose by 7.4% to 6.201 mmboe from 5.774 million, while non-associated gas production remained unchanged at 27.71 mmboe.

Source: Oman Observer