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Oman’s Oil Production Rises to 16-Month High

Oil

At 973.5K b/d, Oman’s crude oil and condensate production in June was the highest in 16 months, newswires report citing a monthly report issued by the Ministry of Oil and Gas. This was attributed to Middle Eastern producers raising output in line with the recent OPEC/non-OPEC agreement to reverse part of the production curbs. Under the initial OPEC/non-OPEC production cut deal, Oman had agreed to curb monthly output by 45K b/d from levels of about 1M b/d.

By early afternoon in London, ICE Brent was trading at $78.7/bbl, up $0.63/bbl from the of Monday’s trading day. The ICE Brent/WTI spread stood at $4.76/bbl, up $1.14/bbl w-o-w but $3.88 lower from last month’s average.