Oman’s total crude oil and condensates production during May 2016 stood at 30.10 million barrels, a daily average of 999,836 barrels, constituting a rise by 0.56 per cent compared to the daily production during April 2016 when calculating the daily average, according to the monthly report published by the Ministry of Oil and Gas.

The total quantities of crude oil exported abroad during May 2016 stood at 26.94 million barrels, a daily average of 869,007 barrels, registering a decline of 10.45 per cent compared to April 2016 while calculating the daily average.

The report said that while the imported quantities by China still constitute the major chunk of the Oman’s crude oil exports (60 per cent). In terms of major countries that imported Omani crude oil, China was followed by USA (14.02 per cent), Japan (13.54 per cent), India (3.76 per cent) and Taiwan (3.80 per cent).

The report added that the price of crude oil for the reference oil round the world witnessed a remarkable increase during May 2016. It continued its upward trend for the settlement price in April 2016 ; up by more than $4 per barrel compared to the settlement price in April 2016.

The average price of West Texas Intermediate (WTI) crude grade in New York touched $47.27 per barrel in April 2016, showing a rise with $5.26 a barrel over the previous month.

The average price of North Sea Brent grade reached $47.65 a barrel, an increase of $4.32 per barrel over March 2016.

The trading of Oman Crude Oil Future Contract on Dubai Mercantile Exchange (DME Oman) rose by more than 12.5 per cent compared with April 2016. Oman oil price (July Delivery 2016) stood at $44.33 a barrel, comprising a rise by $4.93 compared to June delivery 2016. It averaged between $46.46 a barrel and $41.12 a barrel.

This increase in the settlement price is attributed to a number of key factors that have direct effect on prices including but not limited to decrease in USA reserves, the US dollar exchange rate, the decrease in production by Nigeria, Libya and Venezuela, in addition to decreased production from Canada due to fires.