Oman’s oil, condensates production goes up in February

The Sultanate's crude oil and condensates production in February 2013 amounted to 25,946,031 barrel an average of 926,644 barrel a day, a 0.50 per cent rise in comparison with January 2013, according to the Monthly report released by the Ministry of Oil and Gas. The monthly report also added that the total exported crude oil in February 2013 amounted to 24,593,794 barrel, an average of 878,350bpd, a 11.39 per cent rise in comparison with last month. The report pointed out that the Asian markets have received, as usual, the bulk share of the Omani crude oil exports. China topped the list of Omani crude importers in February 2013 with 49.79 per cent followed by Japan with 14.08 per cent. As for the movement of the oil markets during February 2013, the average price for American crude oil in New York (Chicago) market amounted to $95.69 per barrel. The North Sea (Brent) basket averaged $115.22 per barrel. Price fluctuation The global crude oil price during February slightly fluctuated, in comparison with last month due to the market fears of slowing euro zone and American economies and the Kingdom of Saudi Arabia continues reducing it production by 700,000 barrels with a strong demand from China. On the other hand, the trading Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a fluctuation in price in the same month — as it has been the case with other crude oils. Trading of DME Oman averaged between $106.98 and $113.46 per barrel. Oman crude oil official price for April 2013 delivery eventually settled at $111.22 barrel a day.