Business | Oil & Gas
UAE's crude production increases 4.33% in April
The UAE has a sustainable oil production capacity of 2.88 million bpd, even though the country's production capacity at the end of 2008 is seen at 2.85 million bpd.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:33 May 15, 2008
Abu Dhabi: The UAE's crude oil output rose 4.33 per cent on the month to 2.65 million barrels per day (bpd) in April as maintenance-related outages at some of the oil producing fields were likely to have reversed, the International Energy Agency (IEA) said in its latest oil market report.
The UAE pumped an average 2.54 million bpd of crude oil in March this year.
The IEA, which advises 27 industrialised nations on energy policy, said the "effective spare capacity of the Organisation of Petroleum Exporting Countries (Opec) on a wellhead basis is believed to be around 2.3 million bpd, with Saudi Arabia and the UAE holding the bulk of this."
The report said the UAE has a sustainable oil production capacity of 2.88 million bpd, even though the country's production capacity at the end of 2008 is seen at 2.85 million bpd.
Officials at the Ministry of Energy and executives of the Abu Dhabi National Oil Company (Adnoc), the country's flagship oil and gas producer, weren't immediately available for comment.
The combined oil production by all 13 Opec member countries averaged 31.87 million bpd in April, almost 0.81 per cent lower than the group's March output of 32.13 million bpd, said the Paris-based agency.
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