The Sultanate of Oman produced 103.9 million barrels of crude oil during the first three months of the year 2002. This constitutes a 6.3 percent drop compared to the first quarter of the previous year, when output reached 110.9 million barrels, recently released official figures indicate.
The non-OPEC oil producer maintained an average price of $21.62 per barrel of oil during the first quarter of this year, a 9.5 percent decrease versus the corresponding period in 2001, when a barrel of Omani oil fetched $23.88 on average.
The country's current 5.8 billion barrels of proven oil reserves are modest compared with the rest of the Gulf States, and are projected to last 20 years at current rates of production. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
