Oman is poised to close out the first half of 2019 with average oil output of 970,000 b/d. This puts Oman exactly in line with its Opec+ commitment ahead of next week’s meeting. Production averaged 978,000 b/d in 2018, thanks to a strong final quarter of 996,000 b/d before Opec and its allies opted for agreement in December to implement another round of cuts in the first half of 2019 (MEES, 7 December 2018).
Within Oman’s liquids output, the share of condensate continues to grow. Condensate output over the first five months of 2019 is running at a record high of 115,000 b/d, up from 2018’s annual record of 107,000 b/d and 2017’s 86,000 b/d. Conversely, at 856,000 b/d for January-May, crude output is on track for a five-year low (see charts 1 & 2). (CONTINUED - 806 WORDS)