Oman condensate output hit new record in October

While sticking to its Opec+ commitments on crude oil, Oman boosted its condensate output to a new record high in October, according to the latest energy ministry data.

Condensate production was at 223,000 b/d in October, up 24,000 b/d or 12pc from 199,000 b/d in September and just pipping the sultanate's previous high of 221,000 b/d in July.

Condensate production has averaged more than 181,300 b/d from January to October, versus just 125,600 b/d in the same period of 2019.

Condensate output is exempt from the latest Opec+ deal, which called on the group's 23 members to take a combined 9.6mn-9.7mn b/d of crude output off the market in May-July, moderating to 7.7mn b/d from August to the end of the year.

The group is scheduled to taper the cuts further to 5.8mn b/d from January next year through April 2022. But a combination of fragile demand growth and increasing supply from deal-exempt Libya has some members questioning whether the group should postpone their plans to raise production for "at least" another three months.

Oman's crude production stood at 721,000 b/d in October, just up from 718,000 b/d in September and still in line with its current 722,000 b/d quota for August-December.

The increased output was accompanied by an uptick in sultanate's shipments of Oman Export Blend to 742,000 b/d in October from 736,000 b/d one month earlier. Exports had fallen each month since July when Oman shipped 778,000 b/d.

By Adal Mirza