Oman’s September oil output averaged 973,000 b/d, rounding out output for the first nine months of 2019 at a remarkably consistent 971,000 b/d. Exports in Q3 averaged 836,000 b/d, the highest volumes since 4Q 2016 when Oman produced at record levels. Of this, 68% went toward Oman’s biggest customer China. Q3 also contained record condensate output which climbed north of 140,000 b/d for the first time ever (MEES, 20 September) – a hefty 31% increase versus 3Q 2018 – due both to bumper gas volumes as well as the July startup of the Rabab Harweel Integrated Project (MEES, 19 July).
Even with oil output up year-on-year for the first nine months of 2019, a selling price down $3/B this year (to $64.6/B) for Omani oil has led to a dip in export revenues: Muscat has so far collected $14.32bn this year according to MEES estimates, down from $14.95bn for 9M 2018. (CONTINUED - 142 WORDS)