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FINANCIAL NEWS
UAE oil production falls in August
13 Sep 2010
(MENAFN) The International Energy Agency (IEA) estimated that 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 Organization of Petroleum Exporting Countries (Opec) for member states Reuters reported.
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.
The UAE’s crude output in July was estimated at 2.36 million barrels per day, said the IEA, which advises 28 industrialized nations on energy policy.
The IEA noted that within Opec, Saudi Arabia, the UAE and Kuwait were the three most compliant countries when it came to targeted cuts in output.
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