Muscat, (Business News Report)|| The Sultanate of Oman’s oil production and exports increased during the month of January, compared to the same month last year.
Data from the Omani Ministry of Finance showed that oil production rose to 31.869 million barrels.
The average daily production amounted to 1.028 million barrels, compared to 29.713 million barrels in January 2021.
The Ministry also stated that production last January was 25.102 million barrels of crude oil.
From these data, it appears that Oman’s oil production has increased by 2.156 million barrels on an annual basis.
Oman’s oil exports also increased, last January, by 10.8% to reach 27.978 million barrels, compared to 25.254 million barrels in January 2021, according to the ministry.
The Sultanate aims to raise the average daily production of oil, during the current year, to 1.055 million barrels, compared to a daily average of 971,000 barrels last year.
The average price of oil in January 2021 was $43.8 per barrel, while the average recorded $80.3 last January.
According to data from the Ministry of Finance, net oil revenues recorded, in January of last year, 236 million riyals ($613 million), and gas revenues amounted to 107 million riyals ($278 million).
The OPEC+ group (which includes Oman) follows a policy of gradually reversing the record cuts that were agreed upon following the collapse in demand due to the Coronavirus pandemic in 2020.
Those cuts amounted to 10 million barrels per day, or 10% of global supplies, before they were reduced to about 308 million barrels per day.
At its next meeting, at the beginning of next month, the OPEC+ group is likely to maintain the policy of gradually increasing production by about 400,000 barrels per month.
In a related context, Arab oil ministers called on OPEC to adhere to the current agreement without increasing it, to avoid any surprises.
The Arab oil ministers also said that OPEC should add 400,000 barrels per day to the markets, for the benefit of the entire energy markets.
At the beginning of this month, OPEC agreed to stick to moderate increases in its oil production.