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FINANCIAL NEWS
UAE oil production rises 1% to reach 2.33 bpd
19 Nov 2010
(MENAFN) The Paris-based International Energy Agency (IEA) stated that the UAE’S oil production output reached 2.33 million barrels per day (bpd) during October, registering a nearly 1 percent rise, compared to oil production output during the previous month of September, Gulf News reported.
The IEA, which advises 28 member countries on energy policy, revealed that The UAE’s compliance at 84 percent of the targeted volume in October was only behind Saudi Arabia, which had 92 percent compliance to the output cutbacks which were previously announced by the Organization of Petroleum Exporting Countries (OPEC), followed by Kuwait in third place with 83 percent.
According to IEA data, the UAE has a sustainable production capacity of 2.70 million bpd.
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