Oman’s daily oil output declines to 955,000 barrels in February

March 18, 2020

The sultanate’s daily production of crude oil and condensates stood at 955,500 barrels in the month of February. 

The February daily output was 0.29 per cent lower compared to daily production in January, according the monthly report issued by the Ministry of Oil and Gas.

The report said that the daily exported quantities of crude oil stood at 781,106 barrels, a decrease by 0.07 per cent compared to the daily export rate during January. Oman’s crude exports to China rose by 2.48 per cent in February to reach 89.73 per cent of the total Omani crude exports.

Average monthly price for Oman crude futures contract at the Dubai Mercantile Exchange (DME) slumped by 15.84 per cent in February from the previous month. The official selling price for Oman crude during trading of February (for April delivery) settled at US$54.61 per barrel, a decline of US$10.8 compared to March delivery price. The daily trading market price during February ranged between US$49.11 per barrel and US$57.67 per barrel.

‘The drop in crude oil prices during February trading is attributed to several factors that directly and negatively impacted prices. Among the most prominent factors was the outbreak of the novel coronavirus in China, which imposed critical conditions on the oil markets, and in turn limited travel and energy demand,’ the Ministry of Oil and Gas said.

 

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