(MENAFN- Muscat Daily) Oman's total crude oil exports volume dropped by 5.1 per cent during the first five months of 2014, despite 1.3 per cent growth in total oil production, according to statistics released by the National Centre for Statistics and Information (NCSI).
The statistics showed that total oil production rose to 142mn barrels during the January-May period of 2014, compared with 140.3mn barrels in the same period of 2013. Of the total oil production, crude oil production increased 3.2 per cent to nearly 130mn barrels, while condensate production dropped by 15.3 per cent to 12.1mn barrels.
Total exports of crude oil decreased to 120mn barrels during the first five-month period this year against 126.6mn barrels in the same period last year.
Oman's daily average oil production stood at 941,100 barrels during the January-May period of this year, while average price was US$105.46 per barrel, which is two per cent lower than the same period last year.
Exports to China, the biggest buyer of Omani crude, accounting for more than 70 per cent of total oil exports, jumped by 21.4 per cent to 85.4mn barrels, from 70.3mn barrels in the first five-month period of 2013.
The 5.1 per cent decline in total oil exports came on the back of sharp declines in exports to Japan, South Korea, Taiwan, Singapore, Thailand and India.
Oil exports to Taiwan, the second largest buyer of Oman crude oil, dropped 23.6 per cent to 12.2mn barrels, while exports to Japan declined 32.4 per cent to 8.2mn barrels. Exports to Singapore were down by 63.6 per cent to 3mn barrels, compared with 8.4mn barrels last year, while exports to Thailand decreased 19.6 per cent to 5.5mn barrels. Crude oil exports to India declined by 16 per cent to 2.3mn barrels.
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