Oman Oil Production Up 1.4% in November 2021

Oman’s oil production stood increased 1.4 percent compared to the same period in 2020. Asharq Al-Awsat
Oman’s oil production stood increased 1.4 percent compared to the same period in 2020. Asharq Al-Awsat
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Oman Oil Production Up 1.4% in November 2021

Oman’s oil production stood increased 1.4 percent compared to the same period in 2020. Asharq Al-Awsat
Oman’s oil production stood increased 1.4 percent compared to the same period in 2020. Asharq Al-Awsat

Oman’s oil production stood at 323,174,600 barrels in November 2021, the National Center for Statistics and Information (NCSI) said on Saturday, up 1.4 percent from the same period in 2020.

The production of crude oil reached 249,765,900 barrels compared to 256,450,400 barrels during the same period in 2020, down 2.6 percent, the NCSI added.

The average daily production of oil increased during the same period by 1.7 percent to reach 967.6 thousand barrels compared to 951.1 thousand barrels during the corresponding period in 2020, while the average price per barrel increased by 35 percent from $46.5 per barrel to $62.7 per barrel.

The statistics also showed a decline in the total oil exports by 0.5 percent by late November 2021 to reach 260,804,100 barrels, compared to 262,036,800 barrels in the same period in 2020.

According to the published statistics, China was the largest importer of Omani oil until the end of November 2021, importing about 220,229,300 barrels, down 3.2 percent compared to the same period in 2020, followed by India, which imported about 24,261,000 barrels, up 50.3 percent compared to 16,142,300 barrels during the same period in 2020.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.