At the beginning of 2023 Oman set itself the goal of boosting oil output by at least 100,000 b/d from 2022’s record 1.064mn b/d (MEES 27 January 2023). However, softening market conditions resulted in the return of Opec+ crude oil production cuts, crimping Oman’s output through the year. Ultimately, 2023 oil output came in at 1.049mn b/d, down 15,000 b/d for the year.

The decline would have been much greater had it not been another record year for condensate. The light oil is a byproduct from gas production, which itself jumped to a new all-time high thanks in large part to the completion of debottlenecking of Oman’s LNG export capacity in 2023, which provided more offtake for gas producers. (CONTINUED - 780 WORDS)