Page 14 - MEOG Week 29 2022

MEOG NEWS IN BRIEF MEOG

two to three years. June stood at US$102.4 per barrel, which is consumption of electricity of more than
Oman’s daily average oil production has lower than US$111 recorded in May, the NCSI 68 gigawatts for peak hours this summer
consistently remained above one million data showed. amid rising temperatures that has increased
barrels per day during the first six months of With global oil prices continuing to remain demand for cooling.
2022. above US$100 mark amid Russia – Ukraine That has pushed the power plants to the
The sultanate’s total oil exports grew by conflict, Oman crude prices in the second brink and caused a major increase in their
16.2 per cent during the first six months of quarter of 2022 rose to their highest level in overall consumption of fuels.
this year to 162.4mn barrels as compared more than eight years. Oman crude price on “The NIGC has done its utmost to supply
with 139.8mn barrels recorded in the Wednesday stood at US$104.63 per barrel (for the gas needed in power plants given that
corresponding period of 2021, the NCSI data September delivery) at the Dubai Mercantile power usage broke a record this summer,”
showed. Exchange. Joulayi said.
Total oil exports for the full year 2021 had MUSCAT DAILY A bulk of Iranian power plants have
inched up 0.7 per cent to 288.96mn barrels been connected to the country’s nationwide
from 287mn barrels in 2020. gas pipeline network in recent years as the
Oil exports to China, the biggest buyer of GAS country has managed to boost its natural gas
Oman’s crude, accounted for nearly 76 per production from southern gas fields.
cent of the sultanate’s total oil exports during Iran’s gas supply to power Iranian Oil Minister Javad Owji said
the first half of this year. recently that that total fuel supply delivered to
Total exports to China grew by 6.3 per cent plants at 294 mcm per day power plants in the country had reached the
at 123.1mn barrels during January – June equivalent of 309 mcm per day.
period of this year compared with 115.85mn The National Iranian Gas Company (NIGC) Iran is currently the third largest gas
barrels recorded in 2021. says its supply of natural gas to power plants producer in the world with just more than 1
On the other hand, exports to India in the country has reached 294 million cubic billion cubic meters per day of production
jumped by over 76 per cent to more than meters (mcm) per day as warm weather capacity.
25.39mn barrels in the first six months of this increases electricity demand for cooling. The giant South Pars gas field, located on
year from 14.42mn barrels in the same period NIGC’s head of dispatching operations the maritime border between Iran and Qatar
of 2021. Mohammad Reza Joulayi said on Monday that in the Persian Gulf, is responsible for more
The average price at which Oman sold the current gas supply to power plants in Iran than 700 million mcm per day of output,
its crude during the first half of 2022 surged is 13% higher than a quota agreed between the according to government figures.
by nearly 61 per cent to US$90.4 per barrel country’s ministries of oil and energy before PRESSTV
against US$56.2 per barrel recorded in the summer.
same period of 2021. The average price for Iran has reported an all-time record

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