Oman’s Reliance On Chinese Crude Export Markets Deepens

Oman’s oil sector had a record breaking 2016, posting output of 1.004mn b/d and exports of 880,000 b/d (MEES, 20 January). But China accounted for virtually all additional exports.

Overall crude and condensate exports rose 36,000 b/d from 2015, while exports to China rose 35,000 b/d. Exports to China accounted for 78% of the total, the highest on record, edging out 2015’s previous record by 1%. Conversely, exports to Thailand, which had previously been a consistent purchaser of moderate volumes, collapsed. Thailand bought just two small cargoes in 2016.

A run of four straight months of exports to the US from February to May – the first since mid-2013 – raised the prospect of an emerging market for Oman ( MEES, 29 July 2016 ): in May just under 4mn barrels (equivalent to 2 VLCCs) were shipped stateside. But September was the only other month in which Oman exported oil to the US. (CONTINUED - 625 WORDS)

DATA INSIDE THIS ARTICLE

chart Oman Oil Export Revenue Falls 25% In 2016 ($Bn)
table Oman: Oil Production, Exports Hit New Records With China Ever-More Dominant (‘000 B/D)
chart Oman Gas Output (Bcm)