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FINANCIAL NEWS
UAE to raise oil output capacity to 3m bpd
14 Mar 2013
(MENAFN) The UAE Undersecretary at the Ministry of Energy, Dr. Matar Hamed Al Neyadi, stated that very soon, the country would raise its oil output capacity to reach its target of 3 million barrels per day (bpd), reported Gulf News.
Al Neyadi said that at the current time, the UAE’s oil production capacity stands at nearly 2.6 million bpd.
He added that the increase would take place in line with the schedule and development in the operating system, as well as after discussions with other OPEC members.
It is worth noting that by 2017, the UAE’s first nuclear reactor would begin operations, which comes as part of the country’s plan to lower its dependence on oil to generate energy.
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