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FINANCIAL NEWS
UAE Dec oil output up to 2.6m bpd
10 Jan 2013
(MENAFN) The UAE’s oil minister, Mohammed al-Hamli, stated that the country’s oil output in December stood at around 2.6 million barrels per day (bpd), reported Arabian Business.
Al-Hamli said that the country’s current production capacity is 2.8 million bpd, and it plans to boost it to 3 million bpd in 2013.
The OPEC member doesn’t plan to reduce its investments in the oil sector in 2013, in order to enhance the country’s oil output capacity.
Over the coming 5 years, Abu Dhabi, the capital, would spend USD60 billion on investments in the oil industry to raise capacity to 3.5 million bpd.
OPEC members kept the target production of 30 million bpd unchanged in December, leaving the door open to informal supply tweaks depending on demand.
During the current year, non-OPEC members are expected to lift supply by 900,000 bpd.
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