Oman: Oman’s energy sector witnessed significant developments as of September 2023, with noteworthy shifts in both oil and natural gas production and export patterns.
At the end of September 2023, Oman’s oil exports totalled an impressive 230,292,300 barrels as per the data issued by the National Center for Statistics and Information (NCSI). These exports constituted 80.2% of the country’s total oil production, which stood at 287,037,500 barrels. An important factor to note is the average oil price, calculated at USD 79.9 per barrel.
However, despite the robust export figures, the nation experienced a 3.3% decrease in total crude oil production, which reached 223,555,200 barrels. In contrast, condensate production surged by 8.1%, reaching 63,482,300 barrels. This fluctuation in production levels reflects the intricate dynamics of the global oil market.
Oman’s oil found its way to several international destinations. China emerged as the largest importer, securing a substantial share of Oman’s crude oil, amounting to 210,172,000 barrels. Japan followed, with imports totalling 7,384,500 barrels. The list continued with Korea at 2,851,600 barrels and India at 2,716,200 barrels. Oman also maintained exports to other nations, contributing an additional 7,168,000 barrels to the global market.
The gas sector also saw notable progress. The total local production and imports of natural gas reached 40,589.9 million cubic meters, marking a 3.6% increase compared to the corresponding period in 2022. A significant portion of this natural gas, 58.5% to be precise, was absorbed by industrial projects, amounting to 23,777.0 million cubic meters.
Oilfields and power generation plants were also heavy consumers, utilizing 10,089.0 million cubic meters and 6,526.8 million cubic meters of natural gas, respectively. Industrial estates contributed to the demand as well, using 197.1 million cubic meters of natural gas.
As the nation balances oil and natural gas production and exports, its role in the international energy market remains substantial.