Oman Oil Revenues Sink

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 (CONTINUED - 624 WORDS)