Oman’s Million Barrel First Half Can’t Prevent Revenue Decline

Oman’s crude oil and condensate production averaged 1mn b/d in the first half of 2016, a record high over a six-month period.

Exports also averaged a record high 901,000 b/d over the period, thanks to a huge first quarter average of 922,000 b/d, when refinery maintenance meant more oil was diverted to exports. But oil revenues in the first half of the year dropped nearly 37% on the same period in 2015 due to a near $20/B fall in the price of Omani oil to $37.14/B.

RACING AHEAD OF TARGET

Oman’s 2016 production target is 990,000 b/d. By exceeding this by 10,000 b/d in the first half of the year, Oman has established a comfortable cushion and can afford to produce at around 980,000 b/d for the remainder of the year and still achieve its goal. (CONTINUED - 796 WORDS)