Oman’s crude oil, condensates production exceeds 29 million barrels in February

Crude Oil
Crude Oil

Muscat: The Sultanate of Oman’s production of crude oil and condensate during the month of February reached 29.7 million barrels, i.e. a daily rate of 1.06 million barrels, thus maintaining the same production rates compared to January 2023, confirming the Sultanate’s commitment to the countries OPEC Plus by reducing production, and narrowing the gap between supply and demand.

The total quantities of crude oil exported abroad in February amounted to 23.67 million barrels, or a daily average of 845 thousand barrels, an increase of 0.6 percent compared to January 2023 when calculating the daily rate.

Dr. Saleh bin Ali Al-Anbouri, Director General of the Directorate General of Exploration and Production at the Ministry of Energy and Minerals, stated that the average price of Oman oil futures on the DME rose by 1.6 percent in February 2023, compared to January 2023.

He indicated that the average price of Omani oil for delivery next April amounted to 82.23 per barrel, an increase of $1.31, compared to the price for delivery in March, as the trading price ranged between $78.31 per barrel and $85.19 per barrel.

He pointed out that this increase is due to several reasons, the most important of which is: the continued recovery of demand for crude oil in China after lifting the restrictions imposed as a result of the Covid-19 epidemic, and Russia’s announcement of plans to reduce production by 500 thousand barrels per day, which reflects its inability to sell all of its oil. Crude oil flows from the Turkish port of Ceyhan were disrupted by the devastating earthquake.

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