Oman's oil exports to India record high growth

A remarkable 177.2% growth has been recorded until the end of November 2013 as compared to the same period in the previous year

Oman's oil exports to Indian markets recorded a remarkable 177.2% growth until the end of November 2013 as compared to the same period in the previous year, a news report said.

Based on statistics issued by the country's National Centre for Statistics and Information (NCSI), the report said that oil production in the country rose by 2.5% during January to November 2013, as compared to the same period a year ago.

Markets in China were a close second recording a growth rate of 28.6% in imports of oil from Oman. On the other hand, Japan, South Korea, Thailand, Taiwan and Singapore markets saw a decline in imports of Omani crude as a result of lower demand, the Times of Oman report said.

The average daily production of crude oil and condensate oil rose by 2.8% (9,417 barrels per day) up to the end of November 2013 in comparison with the same period in 2012, while the average price per barrel witnessed a slight decrease of 3.9% during the same period compared to 2012.

This year recorded an average of $105.40 per barrel, compared to a $109.69 per barrel in the same period last year.

Omani oil-importing markets grew by 68.6% which resulted in the rise of the balance of Omani oil exports total by 9.7% until the end of November 2013.

In terms of domestic production and import of natural gas, the report said, a rise in production and imports by 4% until the end of November 2013, reaching 35,840 million cubic metres, compared to 34,476 million cubic metres during the same period last year.

Industrial projects also registered growth in consumption of natural gas by 4.8% with reference to the growth in the number of these projects in the country.