Crude production in Oman reached a two-year high for the second consecutive month in November, averaging at 1 million b/d, up from 995,300 b/ in October, according to data released by the oil ministry on Sunday.
Crude exports from the Sultanate however, continued to drop month-on-month for November, with an average rate of 758,219 b/d, down from 772,323 b/d the previous month. Over 90% of crude was traded to China. Japan, Malaysia, and India bought 3.79%, 1.94%, and 2.64% respectively.
Oman Crude Oil Future Contracts traded on the DME in November for delivery in January fell to $66.28/b, down $13.92/b for cargoes delivered in December.
The data arrives as Oman, part of the OPEC-Non-OPEC coalition, agrees to cut global supply in a bid to claw back prices which have dropped substantially this year as a result of rising supply and slower-than-expected demand growth.
Non-OPEC members are expected to cut around 400,000 b/d collectively, while OPEC members will cut a total of 800,000 b/d.
The OPEC and Non-OPEC agreement has helped support prices over the past week, but the fundamental outlook for 2019 remains weak.
