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Oil Exports Up 13% in Oman by late October 2022

A gas field in Oman (Reuters)
A gas field in Oman (Reuters)
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Oil Exports Up 13% in Oman by late October 2022

A gas field in Oman (Reuters)
A gas field in Oman (Reuters)

Oman’s production of crude oil and condensate oil increased by 10.4 percent to reach 323.73 million barrels by late October 2022 compared to October 2021, according to the data published by the country’s National Center for Statistics and Information.

Crude oil production alone increased by 14.1 percent, while oil condensate production decreased by 2 percent by late October 2022 compared to the same period in 2021, Times of Oman reported on Saturday.

The average price of Omani crude oil increased by 56 percent during this period up to $96.3 per barrel, compared to $61.7 per barrel in late October 2021.

Oman’s total oil exports increased by 13.4 percent by late October 2022, compared to the same period in 2021.

Total exports amounted to 269.4 million barrels by late October 2022 compared to 237.5 million barrels in late October 2021.

Meanwhile, Oman's natural gas production (including import) increased by 2.5 percent by late October 2022 up to 43.21 billion cubic meters.

The data issued by the Center indicated an increase in natural gas consumption in the industrial sector by 13.1 percent and industrial projects by 6.9 percent.

Gas consumption witnessed a decrease in oil fields by 4.4 percent and power plants by 2.8 percent.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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TT

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.