Oman’s oil output at 900,831bpd in July

The Sultanate’s total production of crude oil and condensates declined 2.44 per cent to 27,925,767 barrels, or 900,831 barrels per day during the month ended July 31, 2012, compared to the previous month.  
Total quantities of crude oil exported in July 2012 stood at 22,419,767 barrels, or 723,218 barrels per day, a monthly report released by the Ministry of Oil and Gas said.
Asian markets absorbed the largest proportion of the Omani oil exports. China topped the list of importers of Omani oil during July 2012 by 41 per cent followed by Japan 14 per cent of the total exports.  
With regard to the movement of oil markets in July 2012, the month has witnessed a significant increase in the oil prices compared to levels of June 2012, with an average price of US crude oil in the New York Stock Exchange (Chicago) $87.96 a barrel, a rise by $5.38 compared to the trading of June 2012. The average price of North Sea (Brent) stood at $102.57, a rise of $6.80 compared to the trading of June 2012.  
World crude oil prices in July 2012 trading regained their gains owing to fears of full stops to Norwegian oil production after the failure of trade union talks, the recent problems in the North Sea supplies and continued concerns about Iran and its nuclear programme, in addition to the heightened tensions in the Middle East.
On the other hand, the future contracts of Oman Crude Oil at Dubai Mercantile Exchange rose as other varieties in the world according to the aforementioned factors. As trading was between $94.62 a barrel and $103.91 a barrel, the average price of Omani official oil, to be delivered in September 2012, stabilised at $99.47 a barrel.
Source: Oman News Agency