CHINA ACCOUNTS FOR MORE THAN 90 PERCENT OF OMAN’S CRUDE EXPORTS IN SEPT: MINISTRY

MUSCAT, Oman, China, the leading market for Oman’s crude oil exports, accounted for 90.74 percent of the country’s crude exports in Sept, the Ministry of Oil and Gas said, Monday.

China’s imports of Omani crude increased by 10.08 percent in Sept, while imports of crude by Japan and India declined by 4.19 percent and 2.12 percent, respectively.

The total exports reached 27.078 million barrels in Sept, representing a daily average of 902,611 barrels.

Oman’s production of crude oil and condensate throughout Sept, totalled 29.706 million barrels, a daily average of 990,200 barrels.

Crude prices jumped in futures trading market in Sept, compared with Aug, on all major global crude oil indexes.

“The uptrend in crude oil prices in the Sept futures trading, has been attributed to several factors, such as, the shift-down in U.S. oil inventories, and the increase in global demand,” said the ministry in its report.

“The extra demand came, especially from the Asian buyers, as a result of the market anticipation, of a new round of U.S. sanctions against Iran, resulting in traders’ concerns, about the lack of global supplies,” it added.

Source: NAM NEWS NETWORK

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