Oman's Oil Exports and Production Experience Decline in 2005

Strategic Insights -

Oman's economy, largely reliant on oil exports, showed a slight decline in total crude oil exports and production in 2005. According to the National Economy Ministry's statistical bulletin, the total production of crude oil and condensates decreased by 1.0% to 282.615.5 million barrels at the end of December 2005, compared to 285.384.7 million barrels during the same period in 2004. Additionally, the average daily production in 2005 was 0.7% lower, at 774,003 barrels, compared to 779,007 barrels in 2004. On a more positive note, the average price of Oman oil rose significantly, increasing by 46% to $50.26 per barrel at the end of 2005, compared to $34.42 in 2004. China was the largest importer of Omani oil, but its imports decreased by 20.7% in 2005.

Key Takeaways:

  • Total crude oil exports in Oman decreased by 0.6% to 262.131.9 million barrels in December 2005, compared to 263.635.1 million barrels in the same period in 2004.
  • The production of crude oil and condensates in Oman decreased by 1.0% to 282.615.5 million barrels at the end of December 2005, compared to 285.384.7 million barrels in 2004.
  • The average daily production of oil in Oman decreased by 0.7% to 774,003 barrels in 2005, compared to 779,007 barrels in 2004.
  • The average price of Oman oil increased by 46% to $50.26 per barrel at the end of 2005, compared to $34.42 in 2004.
  • China, the largest importer of Omani oil, decreased its imports by 20.7% to 84.306 million barrels in December 2005, compared to 106.356.9 million barrels in 2004.
  • Oman's natural gas production increased by 11% to 847,489 billion cubic feet at the end of 2005, compared to 763,177 billion cubic feet in 2004.
  • Gas consumption in Oman also rose by 11% to 847,489 billion cubic feet at the end of 2005, compared to 763,177 billion cubic feet in 2004.

Statistics:

  • Total crude oil exports: 262.131.9 million barrels (December 2005) - 263.635.1 million barrels (December 2004)
  • Production of crude oil and condensates: 282.615.5 million barrels (December 2005) - 285.384.7 million barrels (December 2004)
  • Average daily oil production: 774,003 barrels (2005) - 779,007 barrels (2004)
  • Average price of Oman oil: $50.26 per barrel (December 2005) - $34.42 per barrel (December 2004)
  • China's imports of Omani oil: 84.306 million barrels (December 2005) - 106.356.9 million barrels (December 2004)
  • Oman's natural gas production: 847,489 billion cubic feet (2005) - 763,177 billion cubic feet (2004)
  • Gas consumption in Oman: 847,489 billion cubic feet (2005) - 763,177 billion cubic feet (2004)

Sources:

  • (ONA) 20-02 1305