China imports the vast majority of Omani crude, according to government statistics
Omani exports of crude oil dropped 8.7 percent to 245.19 million barrels over the first 10 months of 2017, according to statistics from the National Centre for Statistics and Information (NCSI).
According to NCSI statistics, Oman produced 294.88 million barrels and crude oil and condensates between January and October in 2017, compared to 306.26 over the same period in 2016.
In January, Oman decided to cut production by 4.5 percent – 4.5 percent – as part of an OPEC supply cut agreement.
China has been the largest importer of Omani crude oil in 2017, with 172.11 million barrels imported through October, constituting 70.19 percent of Oman’s exports. India came in second, importing 24.35 million barrels, followed by Taiwan (17.49 million barrels), Japan (9.55 million barrels) and South Korea, (6.4 million barrels).
Average daily production of crude oil fell 3.4 percent to 970,000 barrels, compared to 1,004,100 barrels during the same period in 2016. The average price of Oman crude, however, rose 30.2 percent to $50.6 per barrel, compared to $38.9 per barrel the previous year.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.