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Omani oil output may have notched up record annual output of 1.004mn b/d last year (see box), but it sank to its lowest level in eight months in December as the country began its agreed-upon output cuts ahead of schedule.
In accordance with its 10 December agreement with Opec and 10 other non-Opec producers, Oman agreed to cut production by 45,000 b/d beginning 1 January for a period of six months. December crude and condensate output of 995,000 b/d was already 20,000 b/d below November’s record 1.015mn b/d (MEES, 6 January).
The Sultanate has gone further than other parties to the agreement in publishing details of production caps for oil firms operating Omani oil fields. The aggregate of 970,094 b/d planned crude and condensate output for January-June 2017 implies the use of November’s record output as a baseline, whereas Opec producers have agreed to use October. If Oman’s October output were the baseline then its cap would be 3,000 b/d lower at 967,000 b/d. (CONTINUED - 645 WORDS)
DATA INSIDE THIS ARTICLE
|table||Oman Jan-Jun17 Production Caps (‘000 B/D)|