Oil Refinery Products Increase by 1.8% in Oman

An oil refinery in Oman. (Reuters)
An oil refinery in Oman. (Reuters)
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Oil Refinery Products Increase by 1.8% in Oman

An oil refinery in Oman. (Reuters)
An oil refinery in Oman. (Reuters)

Oman’s National Center for Statistics and Information (NCSI) revealed a 1.8 percent increase in total products from refineries and petroleum industries in late Feb. compared to the same period in 2020.

According to preliminary figures, the center said production of regular car fuel “91” reached 1,676,700 barrels, a decrease of 20 percent compared to the same period last year, during which the Sultanate produced 2,093,800 barrels.

The sales recorded 1,323,300 barrels and the exports reached 366,100 barrels, down 71 percent from late Feb. 2020.

Gasoline production increased by 17 percent compared to late Feb. 2020 and amounted to 36,300 metric tons. Its exports increased by 5 percent to hit 32,800 metric tons.

Paraxylene production accounted for 91,100 metric tons, while its exports recorded 97,200 metric tons.

The NCSI indicated a decrease in polypropylene production by 49 percent, recording 22,700 metric tons. Its sales also dropped by 33 percent to reach 3,900 metric tons along with its exports by 44 percent to reach 17,800 metric tons.

The latest official data released by the NCSI about Consumer Price Index (CPI) showed that the inflation rate in the Sultanate fell by 1.37 percent in February 2021 compared to the same month in 2020.

According to the report, the inflation rate fell also by 0.13 percent in Feb. compared to January 2021.

Meanwhile, China’s crude oil imports from Oman rose 30 percent in the first two months of 2021 from the same year-ago period, data from Chinese customs showed on Saturday.

Data from the General Administration of Chinese Customs showed imports from Oman totaled 7.78 million tons during the January-February period.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.