Oman’s Ministry of Oil and Gas (MOG) has released data for December crude and condensate production, showing that the Sultanate achieved its 2016 target at a canter. That the 990,000 b/d target would be reached has long been clear, and the latest figures show that in the end it averaged a record 1.004mn b/d. Exports of 880,000 b/d were also a record, up from 2015’s previous record of 844,000 b/d.
Equally evident was that despite its record-breaking output, Oman’s oil export revenues would fall thanks to low oil prices. Brent averaged just $45.13/B last year, down from $53.59/B in 2015. Final figures have yet to be released, but MEES estimates that export revenues fell 25% last year to just $12.9bn, 40% of 2013’s record $32bn. (CONTINUED - 240 WORDS)