(MENAFN - Kuwait News Agency (KUNA)) Omans oil production reached 27,734,585 barrels in December 2011 with an average daily output of 894,664 barrels, up seven percent compared to November 2011.
The monthly report released by the Ministry of Oil stated that total oil exports reached 23,667,051 barrels in December 2011.
As usual, Asian markets imported the lions share of Omani oil, with China purchasing 49.94 percent, and Japan and South Korea importing 10.86 and 9.23 percent, respectively.
International oil prices fluctuated noticeably in December 2011, ranging between USD 97 and USD110 a barrel. U.S. crude oil price reached USD 98.58 a barrel on both the New York and Chicago stock exchanges, and North Sea Brent Crude averaged USD 107.65 a barrel.
December oil trading fell due to the on-going debt crisis in Europe, though prices began to stabilize in late December on hopes that European leaders would end the crisis by putting more cash in to the Euro rescue fund.
Earlier this year, Oman launched a multi-billion dollar project to develop its oil and gas sectors.
It will be financed primarily through budget surpluses that the country has accumulated in the past few years. Omani oil output increased 6.6 percent in 2010 following several years of decline in production. The increase is attributed to increased government investment in the sector.