Latest news with #crude oil
Wall Street Journal
2 hours ago
- Business
- Wall Street Journal
U.S. Crude Oil Inventories Post Weekly Draw
U.S. crude oil inventories fell last week amid a rise in exports, reversing some of the large stock builds seen the previous two weeks, according to data released Wednesday by the U.S. Energy Information Administration. Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, and were about 8% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had expected crude stockpiles to be unchanged.
Times of Oman
a day ago
- Business
- Times of Oman
Total oil exports of Oman exceeds 126 million barrels till May 2025
Muscat: The Sultanate of Oman's total oil exports declined by 2.3% by the end of May 2025, reaching 126,056.900 barrels, compared to 128,991.500 barrels during the same period in 2024, according to preliminary data issued by the National Centre for Statistics and Information (NCSI) . The data showed that the average price of crude oil dropped by 6.9%, reaching $75.2 per barrel by the end of May 2025, down from $80.8 in the same period last year. Data also showed that average daily oil production decreased to 987,600 barrels per day by the end of May 2025, compared to 996,100 barrels per day during the same period in 2024. The total oil production of the Sultanate of Oman declined by 1.5%, reaching 149,133.700 barrels till the end of May 2025, compared to 151,401.200 barrels in the same period last year.
Zawya
6 days ago
- Business
- Zawya
Oman's oil reserves down 2.8% but gas is up
Oman's crude oil and condensate reserves totaled around 4.825 billion barrels at the end of 2024, reflecting a decrease of 2.8 per cent compared to the previous year, according to official data. Natural gas reserves stood at 23.3 trillion cubic feet (TCF), up from around 23 TCF a year earlier, the Energy and Minerals Ministry said in a report. The report said that Petroleum Development Oman (PDO) — the largest oil and gas producer in the Sultanate — accounted for about 62 per cent of total crude oil and condensate reserves in 2024. 'Amid global challenges facing energy markets — ranging from price volatility to evolving demand dynamics — Oman, guided by strategic foresight and sound policies, succeeded in maintaining stable production levels in the oil and gas sector. The average daily production of crude oil and condensates reached 992.6 thousand barrels, with total exports of approximately 308.4 million barrels,' Minister of Energy and Minerals Salim bin Nasser Al Aufi said. 'The average price for Omani crude stood at $80.79 per barrel. In the natural gas sector, average daily production reached 149.2 million cubic meters, comprising 117.5 million cubic meters of non-associated gas and 31.7 million cubic meters of associated gas. Exports of liquefied natural gas (LNG) totaled 12 million tonnes, delivered across 181 shipments — a clear indication of the sector's operational efficiency and resilience.' As of end-2024, Oman was home to 475 producing fields, comprising 400 oil fields and 75 gas fields. A total of 73 exploration and appraisal wells were drilled last year — 54 for oil and 19 for gas, the report noted. Green energy On the green hydrogen front, 2024 marked a year of 'pioneering milestones' aimed at reinforcing Oman's position as a regional hub for renewable energy and green hydrogen, Al Aufi noted. This was underscored by the signing of eight major hydrogen production agreements — five in Al Wusta Governorate and three in Dhofar. Electricity generated from renewable sources — chiefly solar and wind — accounted for roughly 9 percent of total power generation in the country last year. This modest but growing share underscores the Ministry's commitment to diversifying the national energy mix and advancing low-carbon solutions, Al Aufi said. The contribution of renewables is set to increase steadily with the commissioning of the Manah 1 and Manah 2 solar farms, which will have a combined capacity of 1,000 megawatts (MW). Also slated for launch by 2026 are the North Oman Solar project and the Riyah 1 and 2 wind farms, which together are projected to reduce CO2 emissions by over 1.4 million tonnes annually, the Minister noted. (Writing by Nadim Kawach; Editing by Anoop Menon) (
