China tops Oman Crude Export list
By staff - Fri May 11, 4:03 pm
Muscat, May 11 (ONA)— The monthly report released by the Oil and Gas Ministry pointed out that the Sultanate’s crude oil and condensates production in April 2012 amounted to (26,645,094) barrel or (888,170) barrel per day, a (1.97%) rise in comparison with the same period 2011.
The monthly report also added that the total exported crude oil in April 2012 amounted to (23,123,484) barrel, an average of (770,783) barrel per day.
The report pointed out that the Asian markets have received, as usual, the bulk share of the Omani crude oil exports. China topped the list of the Omani crude importers in April 2012 with (58.39 %), followed by Japan (14.25%) and Thailand with (9.08%).
As for the movement of oil markets during April 2012, the oil price significantly fluctuated in comparison with March 2012. The price ranged between USD (101) and USD (125) per barrel. The average price for American crude oil in New York (Chicago) market amounted to USD (103.39) a barrel. The North Sea (Brent) basket averaged USD (120.47) per barrel.
It is worth mentioning that April 2012 trading started with a slump in prices in comparison with last month, but the prices bounced again during the month supported by the weak US dollar.
On the other hand, the trading Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a fluctuation in price in the same month as it has been the case with other crude oils. Trading averaged between USD (114) and USD (122) per barrel. Oman crude Oil official price for June 2012 delivery eventually settled at USD (117.29) per barrel.