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Oman - Sultanate's Crude Oil And Condensates Production in Q4, 2013  Join our daily free Newsletter

MENAFN - Qatar News Agency - 13/01/2014

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(MENAFN - Qatar News Agency) The Sultanate's crude oil and condensates production in December 2013 amounted to 29,286,805 barrel, an average of 944,736 barrel a day (bpd), a 1.24% decline in comparison with December 2012.

The monthly report released by the Ministry of Oil and Gas on Sunday also added that the total exported crude oil in December 2013 amounted to 24,856,976 barrel, an average of 801,838 bpd, a 3.29% decline in comparison with previous month, November 2013

On the other hand, the trading Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a fluctuation in price in the same month, as it has been the case with other crude oils due to the above-mentioned factors

Trading averaged between USD 106.23 and USD 109.29 per barrel.

Oman crude Oil official price for February 2014 delivery eventually settled at USD 107.88 barrel a day, comprising a rise by 1.91 cents compared to January 2014

It is worth mentioning that China is still topping the list of Omani crude oil importers during December 2013 with 73.86% followed by Japan 10.37% and Thailand, India and Taiwan with 7%

As for the movement of the oil markets during December 2013, the average price for American crude oil in New York Mercantile Exchange (NYMEX) amounted to USD 97.89 per barrel, comprising a rise by USD 3.63 compared to the trading of the last month while the North Sea (Brent) basket averaged USD 110.36 per barrel, comprising a rise by 92 cents compared to the trading of last month

The crude oil prices in world markets have fluctuated during December 2013 trading but were mostly on the upturn compared to the previous month

This upturn is attributed to U.S government releases about decline in the number of job seekers, which were the lowest in five year - 7% compared to the previous month, the shutdown of the fourth refinery fort Total company in Europe due to labour strikes

This shutdown will freeze the production of 700,000 barrels per day, which in turn will increase Europe's imports of oil derivatives from outside the continent.

 






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