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Oman reaches record high oil output in June

by ChemOrbis Editorial Team -
  • 04/08/2015 (18:00)
According to media reports, Oman’s oil production reached a record high in June. The country’s June crude oil and light oil condensate output reached 992,700 barrels per day, posting the highest level recorded since 2002, when official records first began to be kept. The country’s May oil production was recorded at around 975,000 bpd.

The country is producing more oil in order to make up for the drop in revenue stemming from declining oil prices. The country reportedly aims to increase its crude oil output by 5% to 1 million bpd later this year. According to data released by the country’s finance ministry, the drop in oil prices caused Oman to post a budget deficit of 1.5 billion rials ($3.9 billion) in the January-May period compared with a 232.9 million rials ($604.9 million) surplus in the same period of the previous year.
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