Omani crude oil production reaches 30.091mn barrels in July

The total production of crude oil and condensate was at 30.091 million barrels in July with a daily average output of 970, 682 barrels, a Ministry of Oil and Gas statement said.

According to the statement the exports averaged 688, 051 barrels per day with China maintaining its position as the top importer with its share rising to 78.04% of the total exports in July. Myanmar followed with a share of 9.22% of the total exports of 21.329 million barrels in July. Other markets included India (4.70 per cent), South Korea (3.83 per cent), Japan (2.34 pc), and Tanzania (1.88 pc).

According to the report, crude oil prices rebounded during July 2019 compared with June 2019 for the major crude oil benchmarks around the world. The average monthly price for Oman Crude Oil Future’s Contract at the Dubai Mercantile Exchange (DME) rose by 3.5% compared with previous month’s figures. The official selling price for Oman Crude Oil during trading of July 2019, for the delivery month of August 2019, settled at $63.87 per barrel, up by $2.15 compared to August 2019 delivery. The daily trading marker price ranged between $61.01 per barrel and $66.77 per barrel.

According to the MOG report, the crude oil prices during July 2019 were influenced by several factors that directly and positively affected the price jump, and the most prominent factor was the consensus of (Organization of the Petroleum Exporting Countries) OPEC and its allies to extend the production cut agreement until March 2020.

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Meanwhile, globally crude oil prices rose on Monday following a weekend attack on a Saudi oil facility and as traders looked for any signs that Sino-U.S. trade tensions could ease, according to a report by Reuters. While, Brent crude LCOc1 was up 64 cents, or about 1.1%, at $59.28 a barrel at 0255 GMT, U.S. crude CLc1 was up 55 cents, or 1%, at $55.42 a barrel.

The report further added that concerns about an economic recession continued to weigh on crude prices even as Trump and top White House officials dismissed concerns that U.S. economic growth may be faltering.

Earlier yesterday, OPEC cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market would be in slight surplus in 2020.