Oman ramps up condensates output to new high

      Published on Friday, 7 August , 2020      634 Views     
Oman ramps up condensates output to new high

  • Business

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.

Production in July was up by 4.9pc from 211,000 b/d in June. It averaged just 145,000 b/d in the 12 months before that.

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.

Keywords:
Category Business | 2020/08/07 latest update at 6:00 PM
Source : Internet | Photocredit : Google
635 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Oman Today would like to give all of its readers from Oman and Gulf and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Oman Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter pages or use our RSS feed channel to always read the most important news about Oman, the Gulf and the world.