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.

Related Articles

Trump warns US pullout from "horrible" Iran nuclear deal might still be ahead

US President Donald Trump on October 16 warned that the termination of the Iran nuclear deal is still a clear possibility even though he ... more

Pentagon chief suggests staying in Iran nuclear deal is in US interests

US Defence Secretary Jim Mattis on October 3 told the Senate Armed Services Committee that it currently appears to be in the strategic interest of Washington to remain in the Iran nuclear deal. ... more

Iran will in six years accept stricter nuclear inspections if US behaves, says foreign minister

Iran’s foreign minister has said the country is willing to formally accept a tougher nuclear inspection regime in six years. However, Mohammad Javad Zarif continued to rule out any renegotiation of ... more