Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Exports of Oman crude in June outpaces production on surge in China demand

Agriculture | Grains | Energy | LNG | Natural Gas | Oil | Crude Oil | Metals | Steel | Raw Materials

Market Movers Asia, Sep 16-20: Oil prices surge after Saudi attacks; major buyers in Asia hold adequate oil reserves

Oil

Platts Market Data – Oil

NGL | Oil | Crude Oil | LPG | Oil Risk | Petrochemicals

Platts University New York

Petrochemicals

Saudi's Yansab cuts feedstock supply by 30% to petchem units after drone attacks

Exports of Oman crude in June outpaces production on surge in China demand

Singapore — Oman exported more crude oil in June than it produced after trading giant ChinaOil picked up an unprecedented 49 cargoes during the Platts Dubai Market on Close assessment process in April.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

China, which has been the biggest buyer of Oman crude in recent years, accounted for 90% of the country's overall crude exports in June, up more than 12% from May, according to data released by Oman's oil and gas ministry over the weekend.

Oman exported 912,015 b/d of crude oil in June -- up 11.28% from May -- even as its production was only 888,636 b/d, according to government data.

In addition to exports, it also supplied 134,366 b/d of crude to domestic refineries, up from 92,534 b/d in May.


While China's share of Oman crude reached a record high, it wasn't immediately clear where the additional export barrels came from.

Traders said the extra crude could be from storage or barrels produced earlier and shifted to June to meet Chinese demand.

"Some equity holders ... can do this," a trader said.

A record 31.05 million barrels of Dubai crude changed hands during the Market on Close assessment process in April, the largest volume for a single month.

A total of 1,006 June cash Dubai partials and 145 June cash Oman partials were traded during the month resulting in 55 June-loading convergence cargoes being declared.

ChinaOil bought all 500,000 barrels of June-loading cargoes -- 49 of Oman crude and six of Upper Zakum.

According to a Platts review of June loadings published last week, all but one of ChinaOil's vessels lifting Oman crude in June were destined to offload in China.

The vessels C Passion, Desh Vaibhav, Xin Run Yang and Front Signe were headed to Dalian. DS Vision, SCF Shanghai and Tenjun were headed to Rizhao.

Perseus Trader and Brightoil Gravity were destined to Qinzhou.

Shinyo Saowalak was headed to Zhanjiang and C Emperor to Yingkou. One of the vessels, the FPMC C Knight, carrying about 500,000 barrels of Oman crude, was destined for Singapore, which took 1.83% of Oman's exports in June.

--Gurdeep Singh, gurdeep.singh@platts.com
--Edited by E Shailaja Nair, shailaja.nair@platts.com