Oman Posts Record Oil Production, Export Figures In 2016

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)


chart Oman’s Oil Output (‘000 B/D)