MUSCAT:Oman’s crude oil and condensates production in August 2011 rose to 28,147,223 barrel and 907,975 barrel per day (bpd), an increase by 2.91 per cent over the previous month, according to the monthly report released by the Ministry of Oil and Gas.
The monthly report added that the total exported crude oil in August 2011 amounted to 23,868,126 barrels, an average of 769,940 bpd.
The Asian markets have received the bulk share of the Omani crude oil exports. China topped the list of Omani crude importers in August 2011 with 48.84 per cent of the total exports, followed by Japan.
As for the movement of the oil markets during August 2011, the oil price witnessed a remarkable decline compared to last month averaging between $81 and $116 per barrel. The average price for American crude oil in New York (Chicago) market amounted to $86.34.
Fall in prices
The Brent basket averaged $109.91 per barrel.
The report said the trading in August started with a sharp drop in price by more than 5 per cent, the biggest this year since February.
The decline is attributed to the weak economic and financial conditions in the US and several European countries, along with a market concern that such conditions may have negative impact on the growth of the world economy.
The trading Oman Crude Oil Future Contract (DME Oman) at Dubai Mercantile Exchange witnessed a drop in price - as it has been the case with others.
Trading averaged between $96 per barrel and $110 per barrel. The average oil price for the Omani Crude Oil to be delivered in October 2011 settled at $ 105.10.
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