In the past few years Oman has been finely balancing its upstream sector, managing Opec+ cuts that capped its crude output at around 760,000 b/d last year. Muscat has managed to offset these cuts by increasing condensate output, which is blended with crude oil to produce the Oman Export Blend crude grade. The vast majority of exports are shipped to Asian buyers, with China routinely accounting for around 90% of the total.
Now, with Opec+ easing production cuts (MEES, 5 September), oil exports last month reached their highest level in over three years. For August, exports of crude and condensate averaged 1.059mn b/d, according to data intelligence firm Kpler, the highest level since March 2022 (see chart 1). The increase is in contrast to other Middle East countries, where exports have fallen recently despite their higher Opec+ quotas (MEES, 5 September). (CONTINUED - 711 WORDS)
