UAE oil production rises to 2.33m barrels a day

Gulf News

Abu Dhabi : The UAE's oil production in October rose almost one per cent over its September output to 2.33 million barrels per day (bpd), latest estimates by the Paris-based International Energy Agency (IEA) show.

The IEA, which advises 28 member countries on energy policy, said the UAE had the second highest compliance with the volume cuts previously announced by the Organisation of Petroleum Exporting Countries (Opec).

The UAE's compliance at 84 per cent of the targeted volume in October was only behind Saudi Arabia, which had 92 per cent compliance to the output cutbacks, the IEA figures revealed.

Kuwait at 83 per cent compliance was third on the list.

The data also showed that the UAE has a sustainable production capacity of 2.70 million bpd.

Oil analysts say the UAE has one of the best track records within Opec when it came to compliance.

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

"In the near term, oil prices are expected to be range-bound, trading between $80 and $85 a barrel.

"The big news is China is slowing down its economy because of inflation concerns and this is already having a bearing on the price of oil as China is one of the main growth drivers for the world economy," Dalton Garis, Associate Professor of Economics and Petroleum Market Behaviour at the Petroleum Institute in Abu Dhabi, told Gulf News.

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