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FINANCIAL NEWS
UAE to increase oil output to 3.5m bpd
22 Apr 2013
(MENAFN) UAE Ministry of Energy said that the increase in global demand for oil has led the country to plan an increase in oil output to around 3.5 million barrels per day, reported Emirates 24/7.
The government stated that it will take measures to assure oil security to its customers, such as a new pipeline between Habshan and Fujairah.
The country is looking to lower its local oil consumption by heading towards cleaner alternative energy, making way for increased exports and a more secure world oil market.
It is worth noting that increased demand and growth from South America and Asia has lead to a jump in regional activity in order to meet demand.
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