Oman Daily Observer reported that for the seventh consecutive year, China maintained its dominance as the biggest market for Omani crude oil lifting more than 40% of the Sultanate's total oil exports last year.
According to figures released by the Central Bank of Oman, the Asian powerhouse imported a record 111.4 million barrels of Omani crude up from 77.6 million barrels a year earlier. Imports during the previous 3 years have averaged around 95 million barrels annually.
In second place was Japan, a longstanding importer of Omani crude. The economic giant lifted 37.9 million barrels last year which was marginally lower than the previous year's volume of 40.6 million barrels.
India was a close third with 36.6 million barrels of oil to its credit. Exports of Omani crude to the subcontinent have been rising exponentially in recent years. Starting with supplies of 3.8 million barrels in 2007 exports declined slightly the following year to 3.2 million barrels. Volumes soared to 26.9 million barrels in 2009, entrenching India's position in the league of top importers of Omani crude.
Ranked in fourth place was Thailand with imports of 28.8 million barrels last year. Thailand has been an important market for Omani crude with exports ranging from a low of 25 million barrels to a high of 43.2 million barrels over the past four years.
South Korea once a major consumer of Omani crude has seen imports steadily decline. Starting with a high of 34.2 million barrels in 2006 volumes has since slumped to 15 million barrels last year. Other notable markets for Omani crude were Taiwan, Singapore and the United States.
Following a sustained decline in Omani crude oil exports in recent years the trend was reversed in 2009 when exports rose 12.1% followed by an increase of 10.6% in 2010. Exports aggregated 268.7 million barrels last year.
The Central Bank stated that the increase in Omani crude oil exports witnessed in 2010 was primarily driven by rising global demand, mostly from the emerging economies, as they recovered from a downturn in the previous year, as well as an increase in production.
(Sourced from Oman Daily Observer)
