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FINANCIAL NEWS
UAE June’s oil output up by 80,000 bpd: IEA
19 Jul 2011
(MENAFN) The International Energy Agency (IEA) said that compared with 2.42 million barrels per day (bpd) in May, oil output in UAE grew by 80,000 bpd last month reaching 2.6 million bpd, reported Gulf News.
The agency added that due to a 10 percent slash in supplies of Murban crude, this month; oil output would be expected to drop, although it was restored in June.
IEA also said that at year-end, the country’s sustainable oil output capacity would be forecasted to grow to 2.74 million bpd compared with an estimated 2.69 million bpd, furthermore, over the 2011-2012 period; the country would be expected to launch five expansion projects with a capacity of 420,000 bpd.
It is worth noting that in July, the UAE forecasts to produce around 2.5 bpd, down from June’s 2.6 million bpd.
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