Oman records slight rise in oil shipments despite decline in production

2024-12-16 07:34:04

(MENAFN) The Sultanate of Oman’s oil exports rose marginally by 0.01 percent by the end of October 2024, reaching 256,318.800 barrels, compared to 256,290.600 barrels during the same period in 2023, according to data from the National Centre for Statistics and Information (NCSI).

NCSI statistics indicate that Oman’s oil production dropped by 5.1 percent to 303,149.600 barrels by the end of October 2024, down from 319,297.100 barrels in 2023. Crude oil output fell by 6.6 percent, while condensate production saw a slight increase of 0.2 percent over the same period.

The average oil price climbed by 2.5 percent, reaching USD82.6 per barrel by October 2024, compared to USD80.5 per barrel the previous year. However, average daily production declined by 5.4 percent during this period.

In terms of exports, oil shipments to China rose by 2.4 percent, totaling 241,087.200 barrels, while exports to India plummeted by 26.3 percent. Exports to South Korea surged dramatically, increasing by 102.3 percent.

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