Oman’s oil output dropped to 1.051mn b/d in 2Q23, down 14,000 b/d from the previous quarter’s 1.064mn b/d (MEES, 14 April), and down 7,000 b/d year-on-year. Of the 1.051mn b/d, crude production accounted for 818,000 b/d, while condensate provided a further 232,000 b/d.
The drop in oil output is due to Oman’s voluntary 40,000 b/d Opec+ crude production cuts which came into force in May and are now scheduled to last until end-2024. The new voluntary cuts are on top of the formal Opec+ cuts which have been in force since November last year. The Opec+ cuts exclude condensate, and place a voluntary cap of 801,000 b/d on Oman’s crude oil production. (CONTINUED - 790 WORDS)
