Oman set a new record with annual sum oil prolongation in 2016 surpassing 1 million barrels per day (b/d). Oman’s petroleum and other liquids prolongation ranks seventh among a Middle Eastern countries. Oman is a largest oil writer in a Middle East that is not a member of a Organization of a Petroleum Exporting Countries (OPEC).
Like many countries in a Middle East, Oman is rarely reliant on a hydrocarbons sector. The Oman Ministry of Finance settled that finances have been exceedingly influenced by a diminution in oil prices given mid-2014. In 2016, Oman’s oil and healthy gas revenues were 67% reduce than in 2014, notwithstanding achieving record production. Oil income accounted for 27% of Oman’s sum domestic product (GDP) in 2016, a diminution from 34% of GDP in 2015 and 46% in 2014.
Before environment a country’s oil prolongation record in 2016, Oman’s annual petroleum and other liquids prolongation had appearance during 972,000 b/d in 2000 and forsaken to 715,000 b/d in 2007. Since then, Oman’s sum oil prolongation has risen given of increasing adoption of extended oil liberation (EOR) techniques and new discoveries of oil. Oman was on lane to say this prolongation turn in 2017, though as partial of an agreement with OPEC member countries, Oman reduced prolongation to approximately 970,000 b/d in early 2017.
Almost all of Oman’s oil prolongation is exported, especially to Asian markets. In 2016, Oman exported 912,500 b/d of wanton oil and condensate, a top turn given 1999. Virtually all of a country’s wanton oil exports in 2016 went to countries in Asia, with 78% going to China.
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