Condensate production was at 223,000 b/d in October, up 24,000 b/d or 12pc from 199,000 b/d in September and just pipping the sultanate’s previous high of 221,000 b/d in July.
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Condensate output is exempt from the latest Opec+ deal, which called on the group’s 23 members to take a combined 9.6mn-9.7mn b/d of crude output off the market in May-July, moderating to 7.7mn b/d from August to the end of the year.
The group is scheduled to taper the cuts further to 5.8mn b/d from January next year through April 2022. But a combination of fragile demand growth and increasing supply from deal-exempt Libya has some members questioning whether the group should postpone their plans to raise production for “at least” another three months.
Oman’s crude production stood at 721,000 b/d in October, just up from 718,000 b/d in September and still in line with its current 722,000 b/d quota for August-December.
The increased output was accompanied by an uptick in sultanate’s shipments of Oman Export Blend to 742,000 b/d in October from 736,000 b/d one month earlier. Exports had fallen each month since July when Oman shipped 778,000 b/d.
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