Oman’s oil output up 2.6% in Q1 but exports drop 6.8%

Oman’s oil output up 2.6% in Q1 but exports drop 6.8%

Muscat – Oman’s daily average production of crude oil increased to 1.064mn barrels per day (bpd) during the first quarter of 2023, up by 2.6 per cent in comparison to 1.036mn bpd output recorded in the same period of last year.

The sultanate’s total oil production in the first three months of this year grew by 2.6 per cent to 95.7mn barrels compared to 93.3mn barrels in the same period of 2022, according to the statistics released by the National Centre for Statistics and Information (NCSI).

Of the total production, crude output increased by 2.2 per cent year-on-year to 75.3mn barrels during the first quarter, while condensates output increased 4.1 per cent to 20.4mn barrels during January – March period.

However, Oman’s total oil exports dropped by 6.8 per cent during the first three months of 2023 to 76.04mn barrels as compared with 81.6mn barrels recorded in the corresponding period of 2022, the NCSI data showed.

The sultanate’s total oil production for the full year 2022 increased by nearly 10 per cent to 388.4mn barrels compared to 354.5mn barrels in 2021.

Exports to China rise

Increased exports to China, the biggest buyer of Oman’s crude, mainly driven the growth in Oman’s total oil exports. Oman’s oil