Oman 's crude oil and condensates production in July 2015 amounted to 31,033,517 barrels, an average of 1,001,081 barrels per day (bpd); a rise by 0.48% compared to June 2015 when calculating the daily average. The Sultanate has achieved a new record in the daily production of crude oil and oil condensates in July 2015 as the daily production crossed the 1 million barrel barrier to the first time in the history of Omani oil industry. The achievement is attributed to the steady efforts by oil and supportive services companies, as well as the hard work by all workers to reduce the loss in production due to regular and irregular maintenance, Oman News Agency said, citing the monthly report of the Ministry of Oil and Gas. The total exported crude oil in July 2015 amounted to 24,706,297 barrels, an average of 796,977 bpd, and a 12.61% decline in comparison with June 2015 when calculating the daily average. The decline came because Orpic Company due consumed of approximately 900 thousand additional barrels in July. The declince is also attributed to DNO Company, which didn't export any crude oil in the same month. The Asian markets, as usual, have the biggest share of the Omani oil exports (100% of the Sultanate's production in July 2015 exported to Asia). Although China's imported rate declined by 20% in comparison with June 215, it still topped the list with 69.25% in July 2015. Japan's rate rose by 15.15% in July 2015, the highest rate of import by Japan since January 2015. Taiwan's and Thailand's imports of Omani crude oil rose by 5.78% and 2.20% respectively. Meanwhile, Singapore imports of the crude oil fell by 0.50%. The average price for American crude oil in New York Mercantile Exchange (NYMEX) in July 2015 amounted to 51.19 USD per barrel, indicating a 8,95 USD decline compared to the trading of June 2015 . The North Sea (Brent) basket in ICE in London averaged 56.91 USD per barrel, comprising a decline by 7.21 USD compared to the trading of June 2015. The major factors that had a negative effect on the downward movement of the price movement general indicator during the month include the continuous debt crisis of Greece, the collapse indicators for the Chinese stock market and the historic agreement about Iran nuclear file. These factors led oil prices to a record low since starting 2015 trading. Moreover, the appreciation of US dollar and the three-year peak production by OPEC, in addition to the abundant supplies also contributed to the decline in oil prices. There are no indicators in the market that the prices will improve at least on the short run. World oil markets may need more subsidy and time to restore balance and recover its gains. The trading of Oman Crude Oil Future Contract at Dubai Mercantile Exchange (DME Oman) declined in price in the same month, as it has been the case with other crude oils due to the above-mentioned factors. It averaged between 61.85 USD and 52.47 USD per barrel. Meanwhile, Oman oil price (September Delivery 2015) stood at USD 56.33 comprising a decline by 5.51 USD compared to August delivery 2015.
