Oman is the largest oil producer in the Middle East that is not a member of OPEC. It is also part of the OPEC / NOPEC production cut deal, committing to a 45,000 barrel-per-day cut from its output level of just over one million barrels per day. This equates to an export cut of about 36,000 bpd, according to our calculations. The price of the Omani crude benchmark has just rallied to over a three-year high , seemingly driven higher by strong demand from Asia. But the rise also appears due to lower Omani supply, with our ClipperData showing crude exports from the country closing out September at the lowest monthly level since December 2014. China is the leading destination for Omani crude, accounting for 70 percent of its deliveries this year, with Asia accounting for a whopping 96 percent of total barrels. In fact, the only destinations outside […]