The average price of Omani oil is more than the budget price by $29, and crude oil exports to the Republic of India, which is the second largest importer of Omani oil, increased during March 2022.

According to data issued by the National Center for Statistics and Information (NCSI), the Sultanate of Oman’s total exports of crude oil rose by 18 per cent at the end of March 2022, compared to the same period of the previous year, as crude oil exports to South Korea witnessed a growth of 99.4 per cent to reach one million and 995 thousand barrels by the end of last March 2022, compared to 1.2 million barrels at the end of March 2021.

While the crude oil exports to the Republic of India, which is the second largest importer of Omani oil, increased by 44.4 per cent during March 2022.

The National Center also indicated that the Sultanate of Oman’s production of crude oil and oil condensates increased by 8.7 per cent at the end of last March 2022, to reach 93 million and 304 thousand and 400 barrels, compared to 85 million and 825 thousand and 800 barrels at the end of March 2021.

Crude oil production alone increased by 12.2 percent during this period, while the Sultanate of Oman’s production of oil condensate decreased by 2.7 percent at the end of last March compared to the end of March of 2021.

The average price of Omani crude oil also recorded an increase of 59.5 per cent at the end of March 2022 to reach $79 per barrel, compared to $49.5 per barrel at the end of March 2021, and the average price of oil increased by 14.3 per cent in March compared to the previous month of February 2022.
Source: Times of Oman