FINANCIAL NEWS

Oman’s crude oil production rises 8.7% in Q1

16 May 2010

(MENAFN) A report issued by the Omani Ministry of Economy showed that the Sultanate’s average oil production rose 8.7 percent to 855,400 barrels per day (bpd) in the first quarter of this year compared to the same period in 2009, Reuters reported

Oman, a non-Opec producer, sold its oil at an average price of $76.68 per barrel January to March, up 70.6 percent from the same period last year, the government data showed.

The Sultanate’s gas production increased 3.9 percent to 278.161 billion cubic feet (cfd) in the first three months of 2010 compared to the year-earlier period, according to the bulletin.

The net oil income in the first three months of the year doubled to $3.70 billion from $1.8 billion in the year-earlier period, data from the Ministry of National Economy showed.

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