Oman’s average everyday manufacturing of crude oil and condensates surpassed 1.06 mn barrels each day (bpd) for the full year 2022, up by 9.6 percent in contrast to ordinary day-to-day result of 971,200 bpd recorded in 2021.
The sultanate’s total oil production in 2022 increased by virtually 10 percent to 388.4 mn barrels compared to 354.5 mn barrels in 2021, according to data launched by the National Centre for Stats as well as Details (NCSI).
Of the total manufacturing, unrefined manufacturing expanded by 12.8 per cent to 309.5 mn barrels in 2022 from 274.4 mn barrels in 2021, while condensates output decreased by 1.4 per cent to 78.9 mn barrels throughout last year against 80mn barrels in 2021.
Overall oil exports for the full year 2022 expanded by 10.6 percent to 319.5 mn barrels in comparison with 288.9 mn barrels in the previous year, the NCSI data showed.
Exports to China, the most significant customer of Oman’s crude, represented almost 82 percent of the sultanate’s complete oil exports throughout 2022 compared to 84 percent share in 2021. Overall exports to China in 2014 increased by 7.6 per cent to 260.8 mn barrels compared to 242.2 mn barrels in 2021.
On the other hand, exports to India increased by 7.8 per cent to 31.2 mn barrels in 2022 from 28.9 mn barrels in 2021. Oil exports to South Korea and Japan jumped by 93 percent and 179 percent to 12.6 mn barrels and also 11.7 mn barrels in 2022, respectively.
Elevated prices
The average rate at which Oman marketed its crude throughout 2022 rose by greater than 48 percent to US$ 95.4 per barrel against US$ 64.3 per barrel recorded in the previous year.
Oman crude price on Tuesday increased by one percent to close at US$ 85.22 per barrel (for March delivery) at the Dubai Mercantile Exchange.
The sultanate published a spending plan surplus of RO1.146 bn for the complete year 2022 versus a projected shortage of RO1.550 bn initially of in 2014 year, mainly due to greater oil incomes.
Oman crude costs shut the year 2022 with a second straight yearly gain. Oil rates stayed elevated throughout the initial fifty percent of 2022, climbing on limited supplies due to the Russia-Ukraine war. Nevertheless, the costs began sliding in the second fifty percent of the year on weak need from China and worries of an international economic downturn as a result of increasing interest rates.
As a safety measure against oil price volatility, Oman’s 2023 state budget is based upon an average oil price quote of US$ 55 per barrel and average oil manufacturing of 1.175 mn barrels per day.
International credit report rating company Moody’s last week stated that high oil prices will continue to reinforce GCC sovereigns’ credit history quality in 2023.
Moody’s presumes Brent crude oil will average around US$ 95 per barrel this year, below the 2022 average of US$ 100 yet considerably over the standard of US$ 57 per barrel throughout 2015-2021.
Last Updated: 27 January 2023
