FINANCIAL NEWS

Oman’s H1 oil production rises 8.1%

08 Aug 2010

(MENAFN) Oman’s Ministry of National Economy said that the Sultanate’s average oil production rose 8.1 percent to 856,700 barrels per day in the first half versus a year earlier, Reuters reported.

Oman sold its oil at an average price of $77.57 per barrel, up 69.7 percent from the same period a year earlier.

Oman is a small independent oil producer in a region with Opec’s largest crude exporters, but its oil has a big influence on international markets, as it is used in benchmark pricing for around 12 million barrels per day of crude exported from the Middle East to Asia.

The Sultanate’s natural gas production increased 6.3 percent to 563.551 billion cubic feet in the first half, the data showed.

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