Oman’s Oil Output Drops 4.1%

The country’s oil production fell 4.1 per cent to 27.7 million barrels in June compared to May.

Oman’s crude oil and condensates production reduced 4.1 per cent in June this year compared to the previous month, according to official statistics.

Output fell to 27.7 million barrels in June from 28.89 million barrels in May, said local reports quoting figures from the Ministry of Oil and Gas. Average daily production in June also reduced 0.92 per cent from 931,955 barrels in May to 923,339 barrels.

However, Oman’s crude oil exports during the month increased 5.7 per cent from May to 23.32 million barrels.

Asian markets received the bulk of the oil exports, with China accounting for a 48 per cent share followed by Japan with 21 per cent.

Oman’s government receives around three-quarters of its revenue from crude oil exports.

A recent report by Oman’s central bank said that the country’s economy had sustained its growth momentum in the first quarter of 2012 despite the global slowdown.

“The overall outlook for Oman remains positive in 2012 despite heightened downside risks to global recovery,” it added, without giving any specific growth figures.