China Top Market for Omani Oil in April

China accounted for 89.88 % of Oman’s total crude exports of 894,139 barrels in April 2020, up 2.32 % from the previous month, the Ministry of Oil and Gas said in a report. South Korea was the next leading market with a share of 6.83 %, followed by Malaysia (1.80 %) and Tanzania (1.49 %). Omani crude production during April 2020 averaged 946,968 barrels per day.

The average price of Oman’s Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) slumped 32.1 % in April compared to the previous month. The monthly official selling price for Oman Crude oil for June 2020 delivery (traded during April 2020) averaged US$23.65 a barrel, which was lower by US$11.19 compared to the May 2020 selling price. The daily trading price ranged between US$16.82 per barrel and US$29.54 per barrel.

Oil prices of all reference crude oil grades around the world declined during trading in April 2020 (for June 2020 delivery) compared with trading trends in March 2020. The average price of West Texas Intermediate Crude Oil on the New York Mercantile Exchange (NYMEX) settled at US$22.47 per barrel, a drop of US$8.20, while the average price of North Sea Oil (Brent) on the Intercontinental Exchange (ICE) in London reached US$26.65 per barrel, declined by US$7.07 compared with trends in March 2020.