Oman’s daily crude oil production stood at 718,700 barrels during September 2020, a drop by 0.18% compared to the daily production in August 2020, according to the monthly report published by the Ministry of Energy and Minerals.

 

The quantities of crude oil and condensates exported daily by the sultanate stood at 736,165 barrels during September 2020, a fall by 1.21% compared to the daily export during August 2020, the Oman News Agency reported.

 

China's imports of Omani crude rose during September 2020 by 1.90% to record 88.1% of the total Omani crude exports compared to the quantities during August 2020. Imports by India also increased by 7.4% whereas imports by Japan declined.

 

Crude oil prices dropped during September 2020 futures settlement trading (November Delivery 2020), compared to August 2020 for the major crude oil benchmarks around the world. The West Texas Intermediate crude oil at the New York Mercantile Exchange (Nymex) has averaged ($39.41) a barrel, a fall by ($3.35) compared to August 2020 trading. 

 

Likewise, North Sea Brent blend on the ICE in London averaged ($41.87) a barrel, and declined by ($3.15) compared to August 2020.

 

The average monthly price for Oman Crude Oil Future’s Contract at the Dubai Mercantile Exchange (DME) dropped by 6.1% compared with previous month. The official selling price for Oman Crude Oil during trading of September 2020, for the delivery month of November 2020, settled at ($41.60) per barrel, fell by ($2.72) compared to October 2020 delivery. The daily trading marker price ranged between ($39.04) per barrel and ($45.43) per barrel.

 

The decline in crude oil prices during September 2020 trading is attributed to several factors, most notably the concern about the global economic slow recovery due to the Covid-19 pandemic, which contributed to weak oil demand due to the increase of infections with this virus around the world, in addition to the emergence of weak data on fuel demand in the United States of America and the fluctuation of Chinese demand for oil and its direct and negative impact on the market recovery. -- Tradearabia News Service