UAE May oil output up 1.1% over April - IEA
The UAE’s May oil output rose 1.1 per cent over April to 2.73 million barrels per day (bpd), latest data from the Paris-based International Energy Agency (IEA) showed.
“Opec [Organisation of Petroleum Exporting Countries] crude oil supply in May rose to its highest level in seven months due to increased output from Saudi Arabia and, to a less extent, Iran, the UAE and Kuwait. May Opec output was up by around 135,000 bpd to 30.89 million bpd, with higher output from the Gulf producers only partially offset by reduced supplies from Iraq, Libya and Nigeria, where terrorist and militant activity continued to undermine production levels,” said the IEA, which advises 28 industrialised countries on energy policy.
The UAE’s sustainable oil production capacity was 2.9 million bpd in May, the IEA said, adding the country’s average crude supply for the first quarter this year was 2.67 million bpd.
Officials at the UAE’s Ministry of Energy were not available to comment on the IEA’s figures.
Abu Dhabi accounts for more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported. The UAE intends to increase its oil production capacity to 3.5 million bpd by 2018 to meet the rising global oil demand.
The Abu Dhabi Marine Operating Company (Adma-Opco), which is majority-owned by the Abu Dhabi National Oil Company (Adnoc), plans to invest at least $10 billion (Dh36.7 billion) developing two offshore fields to boost the firm’s crude output by 60 per cent by 2017.
As per the plan, Adnoc will spend $40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014. Gas projects under construction account for $25 billion of that.
Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014 from a $10 billion venture with Occidental Petroleum Corp at its onshore Shah field. The Shah field is located 210 kilometres south-west of the capital.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue
- IEA says UAE’s June oil output at 2.73 million bpd
- OPEC output edged up 70,000 barrels per day in May
- IEA says OPEC cut in oil output will have moderate impact on the market
- A free fall? IEA cuts oil demand outlook, says prices could fall further for THIRD time this month
- Iraq Aims to Hike Oil Output Capacity to Six Million bpd 'by Own Means'