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OIL AND GAS NEWS

Oman crude oil production rises 1.11pc

Feb 11, 2021 12:26 PM

Oman s daily production of crude oil stood at 730 459 barrels during January 2021 an increase by 1.11% compared to the daily production during December 2020. The monthly report published by the Ministry...

Oman’s daily production of crude oil stood at 730,459 barrels during January 2021, an increase by 1.11% compared to the daily production during December 2020.
 
The monthly report published by the Ministry of Energy and Minerals said that the daily exported quantities of crude oil stood at 814,656 barrels, a decline by 0.97% compared to the daily export rate during December 2020, an Oman News Agency report said.
 
Crude imports by China fell by 2.70% during January 2021 to form 79% of the total Omani crude oil exports compared to December 2020. Meanwhile, imports by India rose by 11.20% compared to the quantities imported during December 2020. Malaysia maintained the same%age of the Omani crude oil imports with 3% in January 2021, compared with December 2020.
 
The Crude Oil Prices rose during January 2021 futures settlement trading (March Delivery 2021), compared to December 2020 for the major crude oil benchmarks around the world.  The West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) has averaged ($52.13) a barrel, an increase by ($4.95) compared to December 2020 trading.  Likewise, North Sea Brent blend on the ICE in London averaged ($55.32) a barrel, a rise by ($5.10) compared to December 2020.
 
Similarly, the average monthly price for Oman Crude Oil Future’s Contract rose by 9.6% compared with previous month.  The official selling price for Oman Crude Oil during trading of January 2021, for March Delivery 2021, settled at ($54.78) per barrel, an increase by ($4.79) compared to February 2021 delivery.  The daily trading market price ranged between ($50.54) per barrel and ($56.42) per barrel.
 
The increase in crude oil prices during January 2021 trading is attributed to several factors that directly and positively enhanced prices.  Among the most prominent factors is the announcement of the Kingdom of Saudi Arabia to cut additional output of one million barrels per day during February and March 2021, in addition to the decrease in commercial stocks of crude oil in the United States of America. -- Tradearabia News Service
 

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