Oman Oil Price Hikes

The official price of Oman crude oil on Tuesday for Janua delivery surged to US$72.21 per barrel, reflecting an increase of US$1.71 from Monday’s price of US$70.50. The monthly average price for Omani crude in November was US$73.49, a decline of US$4.50 compared to October. Meanwhile, international oil prices edged lower on Tuesday, influenced by the partial resumption of Norway’s Johan Sverdrup oilfield, Western Europe’s largest, following a power outage.

By 9:15 AM GMT, Brent crude futures dipped 45 cents (0.6%) to US$72.85 per barrel, while US West Texas Intermediate crude dropped 46 cents (0.7%) to US$68.70 per barrel. UBS analyst Giovanni Staunovo noted that the restart of the Sverdrup field, coupled with a stronger US dollar, contributed to the price pullback. A stronger dollar often raises commodity prices for buye using other currencies, adding pressure on oil prices. However, the ongoing reduction in output from Kazakhstan's Tengiz oilfield — down 28–30% due to repairs — helped stabilise the market. The repairs are expected to conclude by Saturday, according to Kazakhstan’s energy ministry.