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Oman refuses oil price regulation

A senior bureaucrat from the non-OPEC Sultanate of Oman has indicated it does not intend to regulate fuel prices with the remainder of the Gulf States. Salim Al Aufi, undersecretary at the Oman Ministry of Oil and Gas remarked that his country was pursuing its own policies and ruled out any reduction in oil prices.

Economic experts believe that fuel standardisation will help curb the smuggling of diesel in Gulf states.

The daily production of crude oil and condensate oil rate last July exceeded the barrier of one million barrels per day, the highest figure in the history of Oman’s oil production. The total oil production rate last July stood at 1,001,081 barrels per day, a rise of 0.48%, during which time the country exported more than 24 million barrels.

Most of the Omani oil is exported to the Far East and South East Asian countries. China topped the list of countries importing Omani oil during the month of June 2015, constituting 69.25% of total exports, followed by Japan with 15.15% and Taiwan, Singapore and Thailand at 7.52%, 4.05% and 4.03% respectively.

Al Aufi pointed out that no additional fuel will be sold to the petrol stations bordering the UAE and supplies will remain steady. There has been a rush of motorists at the UAE-Oman border for cheaper Omani oil and diesel after the UAE lifted fuel subsidies in July this year.

 

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