Complex Made Simple

Oman exports 78m barrels of oil in Q1, up 10 per cent

The Omani government has projected oil revenues in the 2015 budget at OMR11.6 billion, leaving a budget deficit of OMR2.5bn – the largest since 1990.

Oman exported 78.3 million barrels of oil during the first quarter of the current year, up by 10.2 per cent compared with the same period last year.

The price of Oman crude suffered a major plunge of 41.5 per cent, averaging $61.99 per barrel in the first three months of this year, the figures released by the National Centre for Statistics and Information indicate.

In the same period of 2014, Oman crude price averaged $105.96 per barrel. However, oil prices have been seeing an upward trend over the past few weeks.

The Omani government has projected oil revenues in the 2015 budget at OMR11.6 billion, leaving a budget deficit of OMR2.5bn – the largest since 1990.

According to the report, which was published by the Times of Oman, the Arab nation’s total production of crude oil and condensate edged up by 1.8 per cent to 86.86m barrels in the Jan-March period (or 965,000 barrels a day) of the current year.

China remained the largest buyer of Oman crude, importing as much as 58.18m barrels in the first quarter, up by 16.6 per cent compared with the same period last year.

Other top buyers included Taiwan (9.76m barrels), Thailand (3.32m barrels), Japan (2.40m barrels) and South Korea (1.98m barrels).