China Remains Leading Market for Oman Crude Exports

Shipments of Oman Export Blend (OEB) to China rose 1.90% m-o-m to account for 88.1 per of total exports averaging 736,165 barrels per day (bpd) in September 2020. India saw its share climb 7.4% m-o-m to account for 9.6% of total exports during the month, while Japanese imports dipped slightly to reach 2.3% for the month, according to figures released by the Ministry of Energy and Minerals on Sunday.

Oman’s daily production averaged 718,700 barrels in September, which was lower by 0.18% compared with the daily average for August 2020. Exports were declined 1.21% compared with the previous month.

Oil prices for all reference crude oil grades around the world experienced a bullish trend during the trading days of September 2020 — for November 2020 delivery – compared with trading of August 2020. The average price of West Texas Intermediate Crude Oil at the New York Mercantile Exchange (NYMEX) settled at US$39.41 per barrel, a decrease of US$3.35. The average price of North Sea Oil (Brent) at the Intercontinental Exchange (ICE) in London averaged US$41.87 per barrel, entailing an increase of US$3.15 compared with trading during August 2020.

The average price of Oman’s Crude Oil futures contract on the Dubai Mercantile Exchange similarly increased by 6.1% compared with the previous month. The monthly official selling price for Oman Crude oil for November 2020 delivery –traded during September 2020 — was announced to be US$41.60 per barrel, which was higher by US$2.72 compared with the August 2020 official selling price. The daily trading marker price ranged between US$39.04 per barrel and US$45.43 per barrel, the report added.