Oil production records 142 million barrels and 2% decline in average price per barrel | Oil production records 142 million barrels and 2% decline in average price per barrel -
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Oil production records 142 million barrels and 2% decline in average price per barrel

: Saturday, July 19 - 2014 @ 12:13

Oil production grew a healthy 1.3% by the end of May 2014recording 142.1 million barrels compared with 140.3 million barrels recorded during the same period in 2013.Daily average crude oil production increased by the end of May 2014, recording 941,100 barrels per day compared with 929,000 barrels per day during the same period in 2013.On the other hand, the average oil price per barrel registered a decline of 2% from 107.56 USD/BBL by the end of May 2013 to 105.46 USD/BBL during the same period in 2014.

A report on crude oil and gas production issued by the National Centre for Statistics and Information (NCSI) attributed the increased Oil production to the increase in crude oil produced; which registered 130 million barrels by the end of May 2014 when compared to the end of May 2013 figure of 126 million.Meanwhile, condensate production declined to 12million barrels when compared with the end of May 2013 figures representing a decline of 15.3%.

The report also reveals a decline in the total volume of oil exports to major countries by 5.1% registering 120 million barrels by the end of May 2014 when compared to 126.6 million barrels during the same period in 2013.

China topped the list of the countries importing crude oil from Oman with 85.4million barrels representing an increase of 21.4% when compared 70.3million barrels imported during the same period in 2013.In second place was Taiwan which imported 12.2 million barrels representing a decline of 23.6% compared to 16million barrels imported during the same period in 2013; followed by Japan which imported 8.2 million barrels representing a decline of 32.4% when compared to 12.1 million barrels imported during the same period in 2013.

Meanwhile, natural gas, taking into account imports and local production, declined by 6.2 % by the end of May 2014 registering 14,845 million cubic meters when compared with 15,824 million cubic meters. The fall is a result of the reduced production of non-associated gas by 7.5 % registering 12,012 million cubic meter when compared to 12,979 million cubic meters registered during the same period in 2013. Associated gas production also declined marginally by 0.4 % registering2,833 million cubic meter by the end of May 2014 when compared to 2,846 million cubic meters during the same period in 2013.

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Saturday, July 19- 2014 @ 12:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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