China tops Oman Crude Export list
By staff - Tue Aug 07, 2:09 am
Reuters : Oman produced 900,831 barrels of crude and condensate a day in July, according to the country’s oil and gas ministry.
The nation exported 723,218 barrels a day last month, the ministry said in an e-mailed statement. China was the biggest importer of Oman’s crude at 41 percent, according to the statement. Japan bought 14 percent of exports.
Oman is the biggest oil producer in the Persian Gulf that isn’t a member of the Organization of Petroleum Exporting Countries.
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.