Oman's oil output up 2.9 %

Crude oil and oil condensates output of Oman went up a daily average of 907,975 barrels, between July and August 2011, according to official figures. The Oil Ministry's monthly report indicated that overall oil exports in August came to 23,868,126 barrels, which is a daily average of 769,940 barrels. The report pointed out that the bulk of exports went to Asian destinations, with China as the state's top oil importer at 48.84 percent, followed by Japan. As to oil markets in August, the report remarked the notable drop in prices compared to the month before, with prices within the range of USD 81-116 per barrel (pb). Average price of the US crude came to USD 86.34 pb, while the average for the Brent basket mix was USD 109.91 pb. August trades started with a sharp price drop of over five percent, which is the biggest drop since February this year. The report attributed this slide to the financial and economic state of affairs in the US and several European countries and anxiety in global markets that their difficulties would spill out and affect the global economy negatively. Meanwhile, there was a drop in price in forward trades in Oman's crude at the Dubai exchange, as was the case with other crudes. The range was USD 96-110 pb.