China tops Oman Crude Export list
By staff - Fri Jul 13, 5:47 pm
Muscat, July 13 (ONA)—- The monthly report released by the Oil and Gas Ministry pointed out that the Sultanate’s crude oil and condensates production in June 2012 declined by (4.1%) to reach (27,700,176) barrel compared to (28,890,608) barrel during May 2012.
The total exported crude oil in June 2012 amounted to (23,324,489) barrel, an average of (777,483) barrel per day (bpd) compared to (22,065,149) barrel or (711,779) bpd in average..
The report pointed out that the Asian markets have received the bulk share of the Omani crude oil exports as usual. China topped the list of Omani crude importers in June 2012 with (48%) followed by Japan (21%).
As for the movement of the oil markets during June 2012, the oil price witnessed a remarkable decline compared to May 2012. The average price for American crude oil in New York (Chicago) market amounted to (USD 82.58) a barrel, a decline by (USD 12.37) compared to the trading during May 2012. The average price of Brent was (USD 95.77) per barrel, a decline by (USD 14.79) compared to trading in May 2012.
It is worth mentioning that the crude oil prices continued their decline during June 2012, which started last month. The weak US dollar, high unemployment rate, sluggish economy and worries over the EU financial crisis and oversupply of oil in the world markets were among the main reasons for the decline of oil prices.
On the other hand, Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a decline in price in June 2012 as it has been the case with others. Trading averaged between (USD 89.04) per barrel and (USD 98.71) per barrel. The official average oil price for the Omani Crude Oil to be delivered in August 2012 settled at (USD 94.42) per barrel.