The monthly report released by the Oil and Gas Ministry indicates that the total crude oil exports in June stood at 23,324,489 barrels, an average of 777,483 barrels per day (bpd) compared to 22,065,149 barrels or 711,779 bpd.

The report shows that the Asian markets have received the bulk share of the Omani crude oil exports as usual with China topping the list of importers in June with 48 per cent followed by Japan 21 per cent.

Meanwhile, the crude oil and condensates production in June fell marginally by 4.1 per cent to reach 27,700,176 barrels compared to 28,890,608 barrels during May. The average daily production of the oil and condensates stood at 923,339 barrels in June compared to 931,955 barrels, constituting a fall of 0.92 per cent. The oil price witnessed a remarkable decline in June compared to that in May.

The average price for American crude oil in New York (Chicago) market stood at $ 82.58 a barrel, a decline by $ 12.37 compared to the trading in May. The average price of Brent was $ 95.77 per barrel, a decline of $ 14.79 compared to that in May. A weak dollar, high unemployment rate, sluggish economy and worries over EU financial crisis and oversupply of oil in the world markets were among the main reasons for the decline in oil prices.

Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) witnessed a decline in price in June as it has been the case with others. Trading averaged between $ 89.04 per barrel and $ 98.71 per barrel. The official average oil price for the Omani crude oil to be delivered in August settled at $ 94.42 per barrel.

Meanwhile, global stocks and oil prices rose in a relief rally yesterday after Chinese economic data eased fears of a potential hard landing by the world’s second-largest economy and a further blow to worldwide growth. A 7.6 per cent reading of gross domestic product growth in China was a hair above the government’s expectations, bolstering sentiment across the board in commodities and buoying stock prices.

The euro advanced against the dollar for the first time in four days, rebounding from a fresh two-year low plumbed earlier in the day, as investors sought to cover bets against the currency and risk sentiment broadly improved. The euro last traded at $ 1.2236, up 0.3 per cent, rebounding from a mid-2010 low of $ 1.2160 hit earlier in the session. Brent crude oil futures were up $ 1.75 to $ 102.82 a barrel. US crude was up $ 1.14 at $ 87.22. Spot gold prices rose $ 19.95 to $ 1,591.70 per ounce.