The country has been able to ramp up production because condensate is excluded from Oman’s Opec+ output cut obligations, and the country has set new records over the past four months.
The decision to reduce service fee for patents, utility models and industrial designs for students, research centres and…437 Views | the publication reaches you by | Oman News
Oman’s total crude and condensate output was approximately 892,000 b/d, down marginally from June. Crude production dropped to 671,000 b/d as Oman pushed for more than 100pc compliance with its Opec+ commitment.
It pledged to cap its crude output at 682,000 b/d in May, June and July, and then at 722,000 b/d from August to December. It produced just below its quota in May, but exceeded the cap in June with 683,600 b/d.
The Opec+ alliance, which brings together Opec’s 13 members with 10 non-Opec producers led by Russia, agreed to take a combined 9.7mn b/d off the market in May and June and 9.6mn b/d off in July.
The cuts moderate to 7.7mn b/d from this month and then to 5.8mn b/d from January 2021 to April 2022.
Oman exported 778,000 b/d of crude and condensate in June, down by 13pc from 899,000 b/d in June. A breakdown of exports by destination was not available, but China is traditionally by far the country’s biggest customer.
The UK and Oman will open a new joint training base in the sultanate early next year. The…1534 Views | the publication reaches you by | Oman News
Do you have information you want to reach our readers?