Monday, May 17, 2010

UAE oil output up slightly in April

Abu Dhabi: Crude oil production by the UAE in April rose to 2.29 million barrels per day (bpd) with the country remaining among the most compliant countries with output curbs previously announced by the Organisation of Petroleum Exporting Countries (Opec) for member states, latest estimates by the International Energy Agency (IEA) show.

"Saudi Arabia, the UAE and Kuwait remain most compliant with targeted output cuts, while Angola and Nigeria continue to produce above their allotted output levels," the IEA said in its latest oil market report.


The UAE's crude output in March was 2.28 million bpd, said the Paris-based IEA, which advises 28 industrialised nations of the world on energy policy.

Officials at the UAE's Ministry of Energy and the Abu Dhabi National Oil Company (Adnoc) weren't immediately available for comment.

"The UAE output is slightly above target, perhaps to meet the higher demand from customers. However, there's no official Opec target for individual countries and the UAE has one of the best compliance track records," Kate Dourian, Middle East Editor for global energy information provider Platts told Gulf News.

Dourian said global oil prices in the near term may further be driven downward by the strengthening US dollar.

No comments:

Post a Comment