Abu Dhabi: The UAE's crude oil production in August fell to 2.32 million barrels per day (bpd) with the country's compliance with output curbs previously announced by the Organisation of Petroleum Exporting Countries (Opec) for member states remaining among the highest, latest estimates by the International Energy Agency (IEA) showed.
"Opec crude oil supply was marginally lower in August, down 60,000 bpd to 29.2 million bpd," the IEA said in its latest oil market report.
Production from the 11 members with output targets, which excludes Iraq, averaged 26.8 million barrels per day last month, unchanged from July levels. Lower output by the UAE and Nigeria was offset by higher production from Angola and Iran.
Best track record
The UAE's crude output in July was estimated at 2.36 million barrels per day, said the IEA, which advises 28 industrialised nations on energy policy.
The report noted that within Opec, Saudi Arabia, the UAE and Kuwait were the three most compliant countries when it came to targeted cuts in output.
Oil analysts said the UAE had one of the best track records within the Opec when it came to compliance.
Officials at the UAE's Ministry of Energy and the Abu Dhabi National Oil Company (Adnoc) weren't available for comment.
Dalton Garis, Associate Professor of Economics at the Petroleum Institute in Abu Dhabi, told Gulf News: "Global oil markets are currently trading sideways in the absence of a catalyst. I don't see any big trades out there. The price of oil is expected to remain flat in the immediate future, though it may rise on the basis of increasingly good news on the economy from China and India."
