MUSCAT: Oman's crude oil and condensate production rose to more than 1 million barrels per day in July for the first time in its history, the Oil and Gas Ministry said in its monthly report.
The sultanate has been ramping up oil production despite a global supply glut that has hit oil prices, with the Gulf Arab country looking to compensates for the drop in its oil revenue.
"The average daily production rate during July exceeded the barrier of 1 million barrels for the first time in the history of Oman's oil industry," the ministry said in the report published on its website.
Total oil output was up 0.5 percent from June, producing 894,156 bpd of crude oil and 106,926 bpd of condensate.
Salim Nasser Al-Aufi, undersecretary at the Ministry of Oil and Gas, said the rise in output was mainly attributable to a drop in planned maintenance work and that he does not expect to reach the same level of production in August.
Oman's July oil exports, however, fell by 12.6 percent month on month, the ministry said, as its refineries used higher volumes of crude.
The month's crude exports reached 796,977 bpd, with all shipments going to the Asian market, while supplying 163,062 bpd to domestic refiner Oman Oil Refineries and Petroleum Industries Company.
China accounted for nearly 70 percent of total Omani crude exports in July, the ministry's report said, with Japan taking 15 percent.
Though a small non-OPEC oil producer, Oman's crude oil forms part of the benchmark price for millions of barrels per day of exports from Middle East producers to Asia.
Oman oil output surges to record 1mpd in July
Oman oil output surges to record 1mpd in July
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
