Oman’s Oil Production Declines by 5.1% in 2024; Exports Remain Stable

Oman’s oil production saw a decline of 5.1% in 2024, with total output reaching 332.7 million barrels during the first 11 months of the year, down from 350.5 million barrels in the same period of 2023, according to data from the National Centre for Statistics and Information (NCSI).

Key Highlights:

• Crude oil production fell by 6.5%, dropping from 272.4 million barrels in 2023 to 254.6 million barrels in 2024.
• Condensate production remained steady at 78 million barrels.
• The average daily oil output was 993,100 barrels per day (bpd), marking a 5.4% decrease from 1.049 million bpd in 2023.

This decline is mainly attributed to Oman’s adherence to the OPEC+ production cut agreements, including an additional voluntary production reduction of 42,000 bpd until June 2024.

Exports Remain Stable

Despite the drop in crude oil production, Oman’s oil exports remained relatively stable, decreasing by only 0.4% to 282.2 million barrels.

• Exports to China, Oman’s largest customer, increased by 1.5%, reaching 264.4 million barrels, which accounted for 93.7% of Oman’s total exports.
• Exports to Japan saw a sharp 50% decline, falling to 4.46 million barrels from 8.89 million barrels in the same period last year.
• Exports to South Korea surged by 52%, reaching 5.77 million barrels.
• Exports to India increased by 10.6%, totaling 3 million barrels.