Sultan Of Oman

Oman’s average daily oil production, including condensates, stood at 6,83,625 barrels until the end of June 2020, comprising an increase by 2.40%, compared to the previous month, according to the monthly report released by the Ministry of Oil and Gas.

Furthermore, the average daily exported quantities of Oman crude oil was 8,99,412 barrels, constituting a rise by 22% compared with May.

China’s imports from Oman crude exports hit 94.28%, comprising a rise by 6.77% m-o-m, compared with May 2020 share. The remaining shares of Omani crude exports were distributed among Malaysia, India and South Korea.

Crude oil prices for all reference crude oil grades around the world have shown slight recovery during the trading of June 2020 (August delivery), compared to May 2020.

The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at USD38.49 per barrel, a growth by USD9.33 whereas the average price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London reached USD40.77 per barrel, a rise by USD8.36 compared with the trading of May 2020.

The average price of Oman’s Crude Oil futures contract at Dubai Mercantile Exchange (DME) similarly rose by 23.5% compared with the previous month. The monthly official selling price for Oman Crude oil for August 2020 delivery – traded during June 2020 – stood at USD41.58 a barrel, higher by USD7.90 compared with July 2020 selling price whereas the daily trading price ranged between USD39.04 per barrel and USD44.07 per barrel.

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