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FINANCIAL NEWS
UAE’s 2015 oil output expected to reach 3.5m bpd: EIA
03 Nov 2011
(MENAFN) The Energy Information Administration (EIA) of the US Department of Energy said that in 2015, the UAE would be forecasted to increase its output of crude oil, condensates and other conventional energy sources to 3.5 million barrels per day (bpd), reported Emirates 24/7.
The administration added that the expansion in the country’s output would be needed to meet growing global demand, adding that the price of oil would be expected to reach between USD100 and USD150 for the barrel.
On the other hand, the EIA said that in 2020, the country’s production of oil and condensates would be forecasted to drop to 3.5 million bpd, whereas in 2030, the amount would decline notably to reach 3.36 million bpd.
It is worth noting that last year; the UAE’s output of crude and other energy sources reached around 2.8 million bpd.
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