Oman’s crude oil production increases in February

Muscat: Oman’s crude oil production grew by 0.72 per cent to 29.40 million barrels in February, which was equivalent to 1,013,713 barrels per day, according to the monthly statistics released by the Ministry of Oil and Gas.
In February, 28.8 million barrels (or 993,266 barrels per day) were exported, which shows a growth of 12.7 per cent over January 2016 figures.
China recorded a 26.39 per cent fall in imports compared to January 2016 while exports increased to Taiwan, Singapore and South Korea recording 7.93 per cent, 1.67 per cent and 0.79 per cent increase, respectively. The United States also imported 7.99 per cent of Omani oil in February.
The average price of oil in West Texas, USA at the New York stock exchange NYMEX was $32.20 per barrel in February 2016, which shows a $0.31 decline compared to price in January. The London market price was$33.53 per barrel in February 2016, which was a $1.49 growth compared to January 2016.
Omani oil, on the other hand, suffered a major decline in price at the Dubai Mercantile Exchange where the price for May delivery 2016 was $30.23 per barrel, which was an increase of $2.83 compared to March delivery 2016. The price fluctuated between $31.94 and $26.83 per barrel.