UAE committed to raise its oil production capacity

Paris: Suhail Bin Mohammad Faraj Faris Al Mazroui, Minister of Energy, said the country’s plans to raise its oil production capacity to about 3.5 million barrels per day by 2017.

In a statement 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.

“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, Opec, and its member Gulf states.”

Al Mazroui 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.”