The diversified economy farce: UAE striving to raise oil production capacities to 3.5 bpd
The UAE is set to raise its production capacity to 3.5 million barrels per day aimed at keeping a market balance.
Minister of Energy Suhail bin Mohammed Faraj Fares Al Mazrouei has renewed the UAE’s commitment to raise its oil production capacity to about 3.5 million barrels per day by 2017.
In a statement to Emirates News Agency, Wam, on the sidelines of 15th International Oil Summit, in Paris, the energy minister said that the rise in production capacity of crude oil came in response to a boost in both the global and demographic growth which resulted in the increase of demand for energy.
He added: “The UAE is set to raise its production capacity to 3.5 million barrels per day aimed at keeping a market balance. We follow-up markets regularly, especially the present as well as future oil demands in coordination with the Organisation of the Petroleum Exporting Countries and its member Gulf states.”
On the UAE’s participation in the International Oil Summit, Al Mazrouei stated, “Through this summit, we seek to re-affirm the UAE’s role in oil generation and supply to world and our participation in the conferences is aimed to highlight state’s stature and its strategic role as a trusted source.”
“We will focus on the country’s historic strategy, which is to supply international markets with oil, especially the challenges facing the market as well as the future role of the member states of Opec.”
Al Mazrouei added: “We, in the UAE, believe that the role of Opec in the past, present and future is to ensure the stabilisation of oil markets to achieve a balance between oil exports and global demand, and we will continue to play our role as we are keen to keep and consolidate this balance in the markets by a regular supply of oil.”