Oman June oil output drops 4.1%

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An oil field in Oman. Photo – Reuters

Oman’s crude oil and derivatives production dropped 4.1% in June this year compared to the previous month, figures released by the Ministry of Oil and Gas said.

According to official statistics, output fell to 27.7 million barrels in June from 28.89 million barrels in May while average daily production in June also slid 0.92% from 931,955 barrels in May to 923,339 barrels.

The Sultanate’s crude oil exports registered an increase of 5.7% to 23.32 million barrels in June.

Muscat supplied the bulk of oil exports to its Asian customers, with China accounting for 48% share followed by Japan with 21%.

Oman’s government receives around three-quarters of its revenue from crude oil exports.

A recent report by Oman’s central bank said that the country’s economy had sustained its growth momentum in the first quarter of 2012 despite the global slowdown.

“The overall outlook for Oman remains positive in 2012 despite heightened downside risks to global recovery,” it added, without giving any specific growth figures.

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