Oman's oil production rises by 2.6% in March

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Muscat: The production of oil in the Sultanate of Oman recorded a rise of 2.6 per cent till the end of March to stand at 95,741.7 million barrels compared to 93,304.4 million barrels during the corresponding period in 2022, according to the data issued by the National Centre for Statistics and Information (NCSI).

Crude oil production increased by 2.2 per cent during the same period. The production of condensates also rose by 4.1 per cent till the end of March 2023 compared to the corresponding period in 2022.

The average oil price increased by 3.2 per cent till the end of March to reach $81.5 per barrel compared to $79 per barrel at the end of March 2022. Average daily production also rose by 2.6 per cent by the end of March 2023 compared to the corresponding period in 2022.

Oman’s oil exports recorded a decline of 6.8 per cent till the end of March 2023 compared to the corresponding period in 2022.

As far as exports are concerned, Oman’s oil exports to China recorded a rise of 8.6 per cent to reach 69,818.1 million barrels compared to 64,290.2 million barrels by the end of March 2022. During the same period, oil exports to South Korea, India and Japan dropped by 100 per cent, 85.8 per cent and 22.9 per cent, respectively.

Meanwhile, gas production (including imports) in Oman registered a growth of 7.4 per cent to reach 12,924.7 million cubic metres compared to 12,034.4 million cubic metres by the end of March 2022.

Consumption of natural gas in industrial areas went up by 14.2 till the end of March 2023 compared to the corresponding period in 2022. Further, natural gas consumption increased by 9.1 per cent in electricity power plants, 7.5 per cent in industrial projects and 6.2 per cent in oil fields.