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FINANCIAL NEWS
UAE increases oil production to compensate for Libya’s
29 Mar 2011
(MENAFN) UAE’s OPEC governor, Ali Obaid al-Yabhouni, said that the country would increase its oil pumping, and thus its oil supply, in order to compensate for the gap left by Libya’s shortage of oil output, reported Reuters.
Al-Yabhouni said that other countries stepped in to help with the decline in Libya’s oil exports including Saudi Arabia, Kuwait and Angola.
Previous reports showed that Saudi Arabia increased its oil production to around 9 million barrels per day (bpd) so far in March.
Al-Yabhouni commented that there is plenty of supply in the market and thus there was no need for OPEC members to hold an emergency meeting.
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