Oil extraction increases by 7.6 percentEconomy
Ulaanbaatar /MONTSAME/. Oil production reached 6.88 million barrels in 2019, according to preliminary data of Ministry of Mining and Heavy Industry. It increased by 487.42 thousand barrels or 7.6 percent compared with the same period of 2018.
Crude oil export in Mongolia reached 6.545.2 thousand barrels or USD 366.7 million in 2019 which is 355.4 thousand barrels more than the same period of 2018. Despite the oil export rise, revenue from it was lower by USD 25.3 million. The reason was that average border price per one barrel of oil fell to USD 56 during the reporting period, which had been USD 63.3.
Oil products accounted for 85 percent of total mineral imports. In 2019, Mongolia imported 1.844.5 tons of oil products worth USD 1.165.8 million which increased by 268.5 tons and USD 53.4 million.
Gasoline and diesel fuel account for 87.9 percent of total import of oil products of which 33.4 percent is gasoline and 66.6 percent is diesel fuel.