Oman’s crude oil output rises 3.5% in 2013

By bne IntelliNews February 11, 2014

Oman pumped 308.15mn barrels of crude oil in 2013, marking a 3.5% y/y increase, lifted by new exploration and modernisation of oil infrastructure, the statistics office said in its monthly bulletin. Total oil production, including condensate, rose 2.3% to 343.8mn in 2013. The average price of Omani oil reached USD 105.5 per barrel during the year, down 3.7%. The non-OPEC sultanate pumped an average of 941,900 barrels a day, up 2.6%.

The bulk of Oman’s oil production was exported with a total of 304.2mn barrels (88% of total output), registering a 8.7% increase.

China topped the list of importers of Omani oil in 2013 buying180.8mn barrels (up 29%).  Japan followed with 29.3mn barrels and Taiwan ranked third with 27.4mn barrels.

Hydrocarbons are Oman’s main source of budget income.

Oman’s budget reported a OMR 401mn (USD 1.04bn) net surplus in 2013 versus a OMR 80.6mn deficit the year before on strong oil income and falling gross spending. Total revenue rose 4.5% to OMR 14.1bn. Net oil income (after transfers to the Reserves Fund) rose 9.2% in 2013 to OMR 10.74bn. Oil proceeds accounted for 77% of total revenue.

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