Official: Emirates Abiding by New July 1 Oil Quota

Published July 5th, 2000 - 02:00 GMT

The United Arab Emirates (UAE) has produced the oil quota, which was agreed upon during last month's OPEC meeting since the accord's start date of July 1st, a senior Emirati oil ministry official said Wednesday. 

"The UAE applied the last OPEC decision and started production from July 1 conforming to the quota which it was allocated," said Mohammad Qubaisi, assistant manager of the state-run Abu Dhabi National Oil Company (ADNOC). 

"The UAE conforms completely with OPEC decisions and will always do so to safeguard the stability of the international oil market," Qubaisi told the Dubai Business Channel TV. 

The Organization of Petroleum Exporting Countries (OPEC) decided in its June meeting in Vienna to hike production from July 1st to 25.4 million barrels per day (bpd), an increase of 708,000 bpd. 

The UAE's quota went from 2.157 million bpd to 2.219 million bpd. 

Emirati oil minister, Obeid bin Seif Nassiri, said Tuesday his country was ready to go along with a future OPEC decision to raise output again to keep oil prices down - DUBAI (AFP) 

© 2000 Al Bawaba (www.albawaba.com)

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