Whilst this week’s Opec+ agreement will see producers impose further cuts (MEES, 6 December), Oman may have secured license to boost production close to near record levels. Starting in January, Opec+ production quotas will exclude condensate at the request of Russian Energy Minister Alexander Novak. With the new crude-only quotas based on the October 2018 baseline, Oman can take advantage of its subsequent ramp-up of condensate capacity.
Muscat recorded 995,000 b/d oil output in October 2018, of which 883,000 b/d was crude and 113,000 b/d was condensate (11.4% of the total). But Oman’s liquids balance has since undergone a major shift. October 2019 production figures (the most recent data available) shows Oman producing just 972,000 b/d (due to the December 2018 Opec+ agreement), of which a whopping 157,000 b/d is condensate – 16.2% (see chart). (CONTINUED - 528 WORDS)
