Oman's Crude Oil Production Slumps 

(MENAFN - Qatar News Agency) The sultanate of Oman production of Crude oil and Condensates for June 2012 declined 4.1% to reach 27,700,176 barrel compared to 28,890,608 barrel during May 2012, Oil and Gas Ministry said in a monthly report.

According to the report, the average daily production of the Sultanate's Oil and condensates amounted to 923,339barrel in June 2012 compared to 931,955 barrel, constituting a 0.92% decline, official news agency (ONA) said.

The total exported crude oil in June 2012 amounted to 23,324,489 barrel, an average of 777,483 barrel per day (BPD) compared to 22,065,149 barrel or 711,779 BPD in average.

The report pointed out that the Asian markets have received the bulk share of the Omani crude oil exports as usual.

China topped the list of Omani crude importers in June 2012 with 48%followed by Japan 21%.

Oil markets' movement during June 2012, witnessed a remarkable decline in oil prices compared to last month.

The average price for American crude oil in New York (Chicago) market amounted to 82.58 a barrel, a decline by 12.37 compared to May 2012 trading.

The average price of Brent was 95.77 per barrel, a decline by 14.79 compared to May 2012 trading.

Crude oil prices continued their decline during June 2012, which started last month. The weak US dollar, high unemployment rate, sluggish economy and worries over the EU financial crisis and oversupply of oil in the world markets were among the main reasons for the decline of oil prices.

Meanwhile, Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a decline in price in June 2012 as others.

Trading averaged 89.04 per barrel and 98.71 per barrel.

The official average oil price for the Omani Crude Oil to be delivered in August 2012 settled at 94.42 per barrel.