(MENAFN - Muscat Daily) The sultanate's crude oil exports jumped 9.7 per cent to 251.7mn barrels during the first ten months of 2013 against 229.5mn barrels in the corresponding period of last year, statistics released by National Center for Statistics and Information (NCSI) showed.
While Oman's total oil production increased 2.8 per cent to 286mn barrels in the January-October period of this year, compared with 278.3mn barrels in the same period last year, daily average production rose to 940,800 barrels per day from 912,500 barrels per day, an increase of over 28,000 barrels per day.
China continued to be the top importer of Oman's crude oil accounting for nearly 58 per cent of sultanate's total oil exports. Oil exports to China jumped by 26.4 per cent to 146.2mn barrels in the ten-month period from 115.6mn barrels in the same period of 2012. Japan was the second biggest buyer with total oil imports at 24.7mn barrels during the January-to-October period of 2013.
Exports to India more than tripled to 12.1mn barrels in the first ten months of this year compared with 3.8mn barrels in the same period of 2012.
However, oil exports to other major buyers, such as Thailand, Japan, Taiwan, Singapore and South Korea, dropped significantly this year.
Oil exports to Taiwan were at 24.4mn barrels, 11.2 per cent lower from the previous year. Exports to Singapore fell 15.2 per cent to 13.4mn barrels, while exports to South Korea dropped 52.6 per cent to 4.7mn barrels from 9.9mn barrels in the same period last year.
According to the NCSI, Oman's net oil revenues increased 2.2 per cent to RO8.91bn in the ten-month period of 2013 from RO8.71bn in the same period last year.
Despite the significant rise in export volumes the comparatively lower growth in oil revenue was the result of the relatively low average price of crude oil this year. The average price at which Oman sold its crude decreased 3.7 per cent during the first ten months of 2013 to US105.51 a barrel from US109.54 a barrel in the same period last year.