Oman reports record condensate output Jan-Apr, crude oil production falls

London, (Quantum Commodity Intelligence) – Middle East oil and gas producer Oman set a new record for condensate production during the first four months of this year, according to the Muscat Daily, referencing figures from Oman's Ministry of Energy and Minerals.

Total production of condensates during the January–April period of 2021 was up 49% to 26.691 million barrels from 17.904 million barrels in the corresponding period last year ago, according to the report.

Meanwhile, Oman's total production of crude oil dropped 17.5% to 87.644 million barrels in the first four months of 2021, versus 106.196 million barrels in the same period of 2020, the ministry's data showed, as Oman complies with quotas under the OPEC+ group of producers.

The daily average production of crude and condensate was down by 7% to 952,800 barrels per day (bpd) January-April, versus 1.025 million bpd in the first four months of 2020.

Oman exported a total 93.369 million/b of crude and condensate in the first four months of 2021, a decrease of 3.3% from 96.596 million/b exported in the corresponding period of 2020.

The average price at which Oman sold its crude oil during the first four months of 2021 was $52.4/b, said the report.

Oman futures are traded on the Dubai Mercantile Exchange, while Oman is also a key component of the Dubai physical benchmark.

Oman cash for July delivery was assessed at $67.50/b on May 25 (1230 Singapore time), up $1.17/b from Monday's Singapore close of $66.33/b