Oman’s oil output rises 1% y/y in Q1 2014

By bne IntelliNews May 9, 2014

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.

Related Articles

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Islamic State is finished declares Iran's President Rouhani

Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more

Turkey the loser as Baghdad rewards Iran with control of Kurdish oil exports

Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more

Dismiss