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The official price of Oman crude oil on Tuesday for January delivery surged to $72.21 per barrel, reflecting an increase of $1.71 from Monday’s price of $70.50.
The monthly average price for Omani crude in November was $73.49, a decline of $4.50 compared to October.
Meanwhile, international oil prices edged lower on Tuesday, influenced by the partial resumption of Norway’s Johan Sverdrup oilfield, Western Europe’s largest, following a power outage.
By 9:15 AM GMT, Brent crude futures dipped 45 cents (0.6%) to $72.85 per barrel, while US West Texas Intermediate crude dropped 46 cents (0.7%) to $68.70 per barrel.
UBS analyst Giovanni Staunovo noted that the restart of the Sverdrup field, coupled with a stronger US dollar, contributed to the price pullback. A stronger dollar often raises commodity prices for buyers using other currencies, adding pressure on oil prices.
However, the ongoing reduction in output from Kazakhstan’s Tengiz oilfield — down 28–30% due to repairs — helped stabilise the market. The repairs are expected to conclude by Saturday, according to Kazakhstan’s energy ministry.
ONA