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Oman’s oil revenue sank to its lowest level since February 2009 last month despite oil prices continuing their recent upwards trend. Exports of crude and condensate fell 99,000 b/d to 900,000 b/d according to Oman’s national statistics. Despite the average price of exports rising almost $3/B to $30.20/B this implies that total monthly revenue fell to just $820mn.
The good news for Oman is that May revenues should rebound from this low: DME Oman crude prices have averaged $44/B since the start of May, and up 60% from January’s 13-year low. March’s export volumes were also inflated – the month’s 999,000 b/d of shipments were not only a record, they were in excess of production (see chart) – by the maintenance shutdown of the country’s key 116,000 b/d Sohar refinery
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