Oman is an important crude oil exporter, particularly to Asian markets (Figure 3). China is Oman’s largest export market, receiving 70% of Oman’s crude oil exports in 2017.
In 2017, Oman exported 806,000 b/d of crude oil, a decrease from a peak in 2016. The lower crude oil exports were the result of Oman’s production cut implemented under the agreement between OPEC and non-OPEC countries to reduce the global oversupply of crude oil.
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