Muscat – Oman’s total oil production in the first seven months of 2022 grew by more than 10 per cent to 223.17mn barrels as compared to 202.78mn barrels in the same period of 2021, according to official data released on Sunday.
The sultanate’s daily average production of oil continued to remain above one million barrels per day (bpd) mark during the first seven months of this year, up by 10.1 per cent in comparison to the daily average output recorded in the same period of last year.
Daily average output during January – July period of 2022 increased to 1.052mn bpd compared with 956,500 bpd in the corresponding period of 2021, the data released by National Centre for Statistics and Information (NCSI) showed.
Of the total production, crude output jumped by 13.5 per cent year-on-year to 177.3mn barrels during January – July period from 156.18mn barrels in the same period of last year, while condensates output decreased 1.6 per cent to 45.87mn barrels during these seven months.
Sharp rise in exports to Japan, Korea and India
Oman’s total oil exports grew by 16.7 per cent during January – July period of 2022 to 191.32mn barrels compared with 163.96mn barrels exports recorded in the corresponding period of 2021.
The sultanate’s total oil exports for the full year 2021 had inched up 0.7 per cent to 288.96mn barrels from 287mn barrels in 2020.
Exports to China, the biggest buyer of Oman’s crude, accounted for around 76 per cent of the sultanate’s total oil exports during the first seven months of this year, lower than its share in the previous year.
In absolute terms, Oman’s oil exports to China rose by 7.9 per cent to 145.7mn barrels during January – July period of this year compared to 135.04mn barrels in the same period of the previous year.
On the other hand, crude exports to India jumped by 67 per cent to 27.37mn barrels in the first seven months of 2022 compared with 16.39mn barrels in the same period of 2021.
Oil shipments to Japan more than tripled to reach at 7.3mn barrels during January – July period of this year against 2.38mn barrels in the same period a year ago.
Exports to South Korea also rose by 68.7 per cent to 9.33mn barrels against 5.53mn barrels in the same period of 2021.
Oman crude prices remain higher
The average price at which Oman sold its crude during the first seven months of 2022 surged by 61 per cent to US$92.8 per barrel against US$57.6 per barrel recorded for the same period of 2021.
The highest monthly average price of Oman crude this year was recorded in May at US$111 per barrel, while the average price for July stood at US$107.2 per barrel, the NCSI data showed.
Oman crude price on Friday rose by US$1.43 or 1.5 per cent to close at US$95.02 per barrel (for October delivery) at the Dubai Mercantile Exchange.
However, oil prices have dropped by a quarter since June to nearly six months low level amid rising fears of a global recession. The price of Brent, the international benchmark, dropped to US$95 on Friday while WTI, the main US contract, was at around US$90 per barrel.
Crude prices soared to US$140 per barrel in early March after Russia invaded Ukraine, raising fears that Western sanctions would drastically cut supplies from Russia, a major producer and exporter.