Oman's total production of crude oil and condensates increased to 28,723,972 barrels in October 2012, a daily rate of 926,580 barrels. The growth in production was 0.91 per cent compared to September 2012.
The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in October 2012 stood at 25,989,643 barrels, a daily rate of 838,376 barrels.
As always, the Asian markets absorbed the largest proportion of the Omani oil exports. China topped the list of importers of Omani oil during the month of October 2012 by 51 per cent followed by Taiwan with 11.37 per cent of the total exports.
With regard to the movement of oil markets in October 2012, the average price of American crude oil in the New York Stock Exchange stood at $89.83 a barrel, a decline of $4.97 compared to the trading of September 2012. The average price of North Sea Brent stood at $111.04 per barrel, a decline by $1.53 compared to the trading of September 2012.
It may be noted that global crude oil prices in October trading declined as compared to the previous month affected by the weak EU economic data.
And the weak data for the application to receive an employment compensation in the Unites States, in addition to the impact of the cyclone Sandy on the crude demands in the refineries of the United States at the end of the month. On the other hand, the future contracts of Oman Crude Oil at Dubai Mercantile Exchange witnessed a rise as other varieties in the world.
As trading ranged between $105.25 a barrel and $111.36 a barrel, the average price of Omani official oil, to be delivered in December 2012 stabilised at $108.67 a barrel.