Oman increased its production of oil and condensates by 1.5 per cent in May compared with the previous month, pumping an average of 974,990 barrels a day (b/d).

Citing a report from the Oil and Gas Ministry, Times of Oman reported that Omani crude exports increased by 3.7 per cent month on month to 819,587 b/d, with most of the crude going to Asian markets.

The sultanate produced 943,000 b/d of crude and other liquids in 2014, marginally down on the previous year and below its target of 955,000 b/d.

The Oil and Gas Ministry is aiming to increase production an average of 980,000 b/d in 2015.

Despite lower crude prices and Oman having some of the highest oil production costs in the region, Oil and Gas Minister Mohammed al-Rumhy assured the country’s oil industry in April that investment on new projects would not slow.

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