FINANCIAL NEWS

UAE to boost oil production by 2018

05 Aug 2010

(MENAFN) Abu Dhabi’s Department of Economic Development said that the UAE aims to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018 from 2.7 million bpd now, Reuters reported

The department also estimated the United Arab Emirates’ proven oil reserves at 98.2 billion barrels.

That figure is slightly higher than the 97.8 billion number released by the Organization of the Petroleum Exporting Countries (OPEC) earlier this year.

OPEC agreed output reductions in December 2008, when the oil price was crashing after a record rally and as global recession took hold.

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