India slashes Oman oil imports

India slashed its oil imports from Oman by nearly 88 per cent in the first eight months of 2012 but the decline was more than offset by a sharp rise in the Gulf country’s crude exports to Taiwan and Singapore, according to official data.

China remained the dominant importer of Omani oil after it overtook Japan, the largest oil and economic partner of the six-nation Gulf Cooperation Council (GCC).

From around 27.62 million barrels (115,000 bpd) in the first eight months of 2011, India’s oil imports from Oman dived to nearly 3.168 million barrels (13,200 bpd) in the first eight months of 2012, a decline of about 88.5 per cent, showed the figures by the Omani Ministry of National Economy.

The Ministry, in its monthly report, gave no explanation for such a sharp decline but it showed a massive increase in Oman’s oil exports to Singapore and Taiwan. Supplies to Japan also surged by around 64 per cent and those to China by 13 per cent.

Oil exports to Singapore rocketed by nearly 250 per cent to 11.75 million barrels (48,960 bpd) in the first eight months of 2012 from around 3.352 million barrels (13,970 bpd). Exports to Taiwan also jumped by 207 per cent to around 21.59 million barrels (89,960 bpd) from 7.07 million barrels ( 29,200 bpd) in the same period.

The report showed China was the top oil client of Oman, with its imports peaking at nearly 88.97 million barrels (370,700 bpd) in the first eight months of this year compared with 78.68 million barrels (327,800 bpd) in the first eight months of 2011. China’s oil imports accounted for nearly 40 per cent of Oman’s total oil production in the first eight months of 2012, according to the report.

Japan, which had long dominated Oman’s oil supply, retreated to the second place, with its imports standing at around 29.81 million barrels (124,200 bpd) in the first eight months of 2012, nearly 63.6 per cent higher than its imports of 18.22 million barrels (75,915 bpd) in the same period of last year.

The report showed South Korea’s oil imports from Oman plummetted by around 53 per cent to 6.06 million barrels from 12.9 million barrels and those by Thailand shrank by nearly eight per cent to 12.6 million barrels from 13.7 million barrels.

Oman’s total crude oil output increased by about three per cent to 908,200 bpd in the first eight months of 2012 from 881,900 bpd in the first eight months of 2011 as the Gulf country is pushing ahead with plans to boost production to more than one million bpd.

Oman, which is not an OPEC member, controls around five billion barrels of proven oil deposits and 25 trillion cubic feet of natural gas.

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