(MENAFN- Muscat Daily) Muscat- Oman's total production of crude oil and condensate in April reached to 29.03mn barrels, resulting in a daily average output of 967,750 barrels per day (bpd) during the month.
The sultanate exported a total of 25.89mn barrels in April with a daily average export of 863,131bpd, according to the monthly report issued by the Ministry of Oil and Gas.
China continued to remain the biggest buyer of Oman's crude with a share of 78.56 per cent in total exports in April. Oil exports to China increased by 2.75 per cent in April compared to the previous month, while export to Japan jumped by 8.9 per cent on monthly basis. In April, the sultanate's crude also witnessed demand from Malaysia accounting for 1.93 per cent of total exported quantities from Oman.
The positive trend in oil prices since the beginning of 2018 was reflected in the April trading by a significant increase in settlement prices for the major crude oil benchmarks around the world for June 2018 delivery.
The average price for Oman crude future contracts at the Dubai Mercantile Exchange witnessed an increase of 5.01 per cent compared with last month. The official selling price for Oman crude during April (for June delivery) settled at US$68.31 per barrel, US$7.9 higher compared with March prices. The trading price ranged between US$64.7 per barrel and US$71.32 per barrel in April.
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