Oman’s booming condensate output looks to have driven the sultanate’s overall liquids production to a record high for Q1. Coupled with surging oil prices, MEES calculates that this has pushed oil export revenues up to almost $6.5bn, their highest quarterly level in more than seven years.
Oman produced an average 1.033mn b/d of crude and condensate over the first two months of 2022, and with Opec+ cuts tapering (MEES, 1 April), the final Q1 figure ought to end up being slightly higher. Even before this, Jan-Feb output was markedly higher than the previous quarterly record of 1.009mn b/d set in 3Q 2016, despite Q1 crude oil production of 814,000 b/d being nearly 100,000 b/d down on that quarter. (CONTINUED - 904 WORDS)