UAE to increase oil production over OPEC quota in June
The United Arab Emirates will increase oil production this month by 400,000 barrels per day (bpd) over its OPEC quota to help ease record prices, Oil Minister Obeid bin Saif al-Nassiri said.
"The Emirates will add an extra 400,000 bpd to its production quota in June in response to client demand and to help contain prices on the international market and to stabilise the world economy," Nassiri said, quoted by the official WAM news agency.
The minister spoke before departing for Beirut, Lebanon where the oil cartel holds a formal meeting on Thursday and is expected to hike its 23.5 million bpd output ceiling by 2.5 million bpd.
Joining al Nassiri's call, his Qatari counterpart said other OPEC members should raise oil production levels during the next few months to lower prices. Similar calls were voiced by Saudi Arabia and Kuwait. (menareport.com)
© 2004 Mena Report (www.menareport.com)