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10-12-14

Oman oil exports decline 3 percent in 10M

(MENAFN) Oman has recorded a decline by 3 percent in its oil-export volumes for the January-October period of 2014 compared with the same period last year, as the total exports fell to 244.1million barrels from 251.7 million barrels, Muscat Daily reported.

Despite the decline in exports, the total oil production registered an increase by 0.6 percent to 287.8 million barrels during the same period, with daily production averaging 946.800 barrels, up from 940.800 barrels last year.

The government said that it has set a production target of 980.000 barrels per day for next year, which is an increase by 3 percent compared with the 2014 target of 950.000 barrels, as well as saying that the lower oil prices will not impact the government's capital expenditure program for the oil and gas sector in 2015.

Oman's oil exports declined as major buyers such as Japan, Thailand and Singapore cut down on purchases, resulting in exports to Japan to fall 47.5 percent to 12.96 million barrels, crude exports to Singapore dropping 75.2 percent to 3.33 million barrels, and Thailand to buy 6 percent less at 13.16 million barrels.

On other hand, exports to China, the largest importer of Oman's crude oil, jumped 18.9 per cent to 173.87 million barrels, which is a good sign for Oman's exports since China accounts for 71 percent Oman's total oil exports and over 60 percent of total production, while exports to both South Korea and Taiwan also registered an increase, going up by 18.4 percent and 10.5 percent, respectively.

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