EGYPT SUDAN SAUDI ARABIA IRAN OMAN YEMEN SOMALIA ETHIOPIA 100 km N OMAN DUQM MUSCAT BLOCK 50 bpd: barrels per day 3 Muscat Daily, Oman’s oil output falls 5.1% in 2024, exports hold steady, 25 December 2024 The figures show a 6.5 per cent year-on-year decrease in crude oil production, which dropped to 254.6 million barrels in the JanuaryNovember 2024 period, compared with 272.4 million barrels during the same period in 2023. However, condensate production remained stable at 78 million barrels, the same as in 2023. Oman’s average daily oil output during January – November period was recorded at 993,100 bpd, reflecting a 5.4 per cent decline from 1.049 million bpd during the corresponding period in 2023. November 2024’s production averaged 984,800 bpd, marking the lowest monthly output in nearly two years. The decline in crude production is primarily attributed to Oman’s adherence to OPEC+ production cut agreements made in early 2024. Oman had implemented an additional voluntary reduction of 42,000 bpd, effective until the end of June 2024, on top of a previously announced cut of 40,000 bpd. Oman sold its crude oil at an average price of US$81.80 per barrel during the January-November 2024 period, marking a marginal increase of 0.1 per cent from the average of US$81.60 per barrel in the same period in 2023. Exports to China, Oman’s largest customer for crude oil, rose by 1.5 per cent to 264.4 million barrels, compared with 260.6 million barrels a year earlier. The world’s second-largest economy accounted for 93.7 per cent of Oman’s total oil export volume during the January-November period of 2024. In contrast, exports to Japan saw a sharp decline of nearly 50 per cent, falling to just 4.46 million barrels from 8.89 million barrels in the same period in 2023. Conversely, exports to South Korea surged by almost 52 per cent, reaching 5.77 million barrels. Oil shipments to India rose by 10.6 per cent, totalling 3 million barrels during the January-November period of 2024. 3 Block 50 Oman Block 50 is an offshore concession, approximately 17,000 sq km, located in Gulf of Masirah, east of Oman. MOL holds 100 per cent of the Block 50 Oman concession. Rex International Holding holds an effective indirect interest of 87.5 per cent in MOL. Rex International Holding Limited 4 1
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