Oman pumped 85.358mn barrels of oil (crude and condensates) in the first quarter of 2014, marking a 1% y/y increase, lifted by new exploration and modernisation of oil infrastructure, the statistics office said. Crude oil production rose 3.5% y/y to 77.583mn, whereas that of condensates dropped 18.3% y/y to 7.775mn in Q1.
The average price of Omani oil fell 1% y/y to USD 105.96 per barrel in Q1. The non-OPEC sultanate pumped an average of 948,400 barrels a day during the quarter, up 1% y/y%.
In Q1, Oman’s total oil exports shrank 4.9% y/y to 71.166mn barrels (83% of total output). China topped the list of importers of Omani oil in Q1 2014, buying 49.876mn barrels (up 19%). Taiwan followed with 8.797mn barrels (up 9% y/y) and Japan ranked third with 4.897mn barrels (down 42% y/y).
Hydrocarbons are Oman’s main source of budget income.
Falling revenue and rising spending continues to weigh on Oman’s fiscal parameters as the budget surplus narrowed 35% y/y to OMR 414mn (USD 1.08bn) in the first two months of 2014, according to the latest available data from the statistics office. Total revenue fell 5.3% y/y to OMR 2.04bn on dropping net oil income, whereas gross spending increased 7.1% to OMR 1.63bn on higher current sending, mainly on salaries.
Turkey will strike Kurdish militant camps in the mountains of northern Iraq if Baghdad does not itself clear the area of militants, President Recept Tayyip Erdogan said on June 7. On June 6, ... more
The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more