Sultanate of Oman: 2.6% increase in crude oil and condensate production

Crude oil and condensate production in Oman increased by 2.6 percent until the end of March 2023, to reach 95.7 million barrels, compared to 93.3 million barrels until the end of March 2022, according to the preliminary monthly statistical bulletin issued by the National Center for Statistics and Information.

 

The average oil price increased by 3.2 percent until the end of March 2023, to reach $81.5/bbl, compared to $79/bbl at the end of March 2022. The average daily production increased by 2.6 percent by the end of March, compared to the same period in 2022.

 

The Oman’s total oil exports decreased by 6.8% until the end of March 2023, compared to the same period in the previous year, as oil exports to China only witnessed a growth of 8.6%, to reach 69.8 million barrels until the end of last March, compared to 64.3 million barrels until the end of March 2022. As for oil exports to South Korea, the Republic of India and Japan, they decreased by 100%, 85.8%, and 22.9%, respectively, during the same period.

 

On the other hand, the production of natural gas in Oman increased by 7.4% until the end of last March, to reach 12.9 trillion cubic meters, compared to 12 trillion until the end of March 2022.

 

The data issued by the National Center for Statistics and Information indicated that the consumption of natural gas in industrial areas increased by 14.2% until the end of last March compared to the same period in 2022, power plants increased by 9.1%, industrial projects increased by 7.5%, and oil fields increased by 6.2%.