Oman- Sultanate's oil output rises to 1.01mn bpd in February

Date

3/16/2016 8:35:13 AM

(MENAFN- Muscat Daily) Muscat-

The sultanate's total production of crude oil and condensates during February amounted to 29.4mn barrels.

The daily average production during the month rose to 1.01mn barrels per day (bpd) an increase of 0.72 per cent compared with January production.

The total quantities of crude oil exported during February stood at 28.8mn barrels a daily average of 993266 barrels comprising an increase of 12.67 per cent compared to January 2016.

Oil imports by China declined by 26.39 per cent in February compared to the previous month. On the other hand the exports to Taiwan Singapore and South Korea increased by 7.93 per cent 1.67 per cent and 9.79 per cent respectively.

The imports by the United States during February accounted for 7.99 per cent of the total Omani oil exports.

Referring to the trend in oil price in the international market the average price of West Texas Intermediate grade in New York touched US$32.2 per barrel in February 2016 showing a decline of US$ 0.31 a barrel over the previous month.

The average price of North Sea Brent crude reached US$33.53 a barrel an increase of US$1.49 per barrel over January.

The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a rise during February as same as other oil types in the world. DME Oman averaged between US$31.94 and US$26.83 per barrel during the month.

Meanwhile Oman oil price (April delivery) stood at US$30.23 an increase of 2.83 per cent compared to March 2016 delivery.

The crude oil prices for most reference oils recovered during February trading compared to settlement prices in January 2016. The prices hovered around US$30 per barrel. The Omani crude oil restored some of its profits that was lost previous month and increased by more than ten per cent.

This increase is attributed to a number of reasons that directly affected the prices namely the depreciation of the US dollars to record level in the past seven weeks.

The depreciation of the US dollar makes the raw commodities priced in US dollar less costly for holders of other currencies.

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