Oman’s Oil Exports Edge Up in July Amid Declining Production and Lower Prices

Oman, 22 August, 2024 : Oman’s total oil exports reached 179.36 million barrels by the end of July 2024, showing a slight 0.05% increase from 178.9 million barrels during the same period last year, according to the National Center for Statistics and Information (NCSI). The report also noted a decline in the average oil price to $83.9 per barrel, down 6.1% from $89.3 in the previous month.

Oman's total oil production fell by 5.2% to 211.8 million barrels by July 2024, compared to 223.5 million barrels last year. Crude oil production dropped 7.1% to 162.2 million barrels, while condensate production rose 1.6% to 49.6 million barrels.

China remains the top importer of Omani oil, with imports up 4.8% to 171.7 million barrels. Japan, South Korea, and India followed with imports of 3.4 million, 2.5 million, and 1 million barrels, respectively.

In the natural gas sector, Oman’s production and imports rose 5.5% to 32.6 billion cubic meters. Gas usage in industrial projects surged by 14.6%, while power generation consumption increased by 11.9%. However, gas used in oil fields declined by 19.3%.

Regarding petroleum products, liquefied petroleum gas (LPG) sales rose 11.5% to 5.8 million barrels, while aviation fuel sales dropped 6.8% to 2.3 million barrels. Diesel sales saw a slight decrease of 0.7%, totaling 8.5 million barrels.

Source : www.zawya.com