The introduction of deeper Opec+ voluntary cuts in January has had a significant impact on Oman’s crude output. Government statistics put first quarter output at 774,000 b/d, the lowest figure since 3Q 2021 but still a 15,000 b/d overshoot of its Opec+ ‘Required Production’ (MEES, 1 December 2023).
Opec+ cuts have eaten into output figures from companies operating key upstream assets in the Sultanate. Oman’s largest hydrocarbon producer, Petroleum Development Oman (PDO), saw output drop to 643,000 b/d at its mammoth Block 6 (state firm EDO 60%, Shell 34%, TotalEnergies 4%, PTTEP 2%). This is a 3% drop from the final quarter of last year and 1% year-on-year. (CONTINUED - 663 WORDS)
