Business | Oil & Gas
UAE crude oil output remains unchanged at 2.66m bpd
The UAE's crude oil output remained unchanged in August from the previous month, averaging 2.66 million barrels per day (bpd), latest data released on Wednesday by the International Energy Agency (IEA) shows.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:39 September 10, 2008
Abu Dhabi: The UAE's crude oil output remained unchanged in August from the previous month, averaging 2.66 million barrels per day (bpd), latest data released on Wednesday by the International Energy Agency (IEA) shows.
In June, the country's output was marginally higher, averaging 2.69 million bpd.
The Paris-based IEA which advises 27 industrialised nations on energy policy, said the UAE, the world's fifth-largest oil exporter, has a sustainable production capacity of 2.85 million bpd and its production capacity at the end of this year is seen at 2.87 million bpd. During the second quarter of 2008, the UAE's oil output averaged 2.67 million bpd, while for the first quarter, the average was 2.62 million bpd, the IEA said.
Top officials at the UAE's Ministry of Energy and the Abu Dhabi National Oil Company (Adnoc) weren't immediately available to comment on the IEA's latest oil market report.
The IEA report yesterday coincided with the Organisation of Petroleum Exporting Countries (Opec) announcement of a 520,000 bpd reduction to shore up flagging oil prices, which have dropped from a record high of $147.11 per barrel on July 11 to below $105 now.
The reasons for the decline in oil prices include a sharp economic slowdown in the United States, the world's largest oil importer, fears of Japan slipping into recession and some of the major Europe economies' gross domestic product (GDP) growth getting crimped, which has affected oil consumption patterns in these countries.
People are increasingly turning to fuel efficient cars and turning to alternative energy sources to cut down on their energy costs.
On the New York Mercantile Exchange, crude oil futures for October delivery in the US were trading a shade above $103 a barrel in early trade yesterday.
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