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FINANCIAL NEWS
UAE’s average oil production in Jan at 2.58m bpd: IEA
23 Feb 2012
(MENAFN) The International Energy Agency (IEA) said that in January, the UAE’s average production of oil reached 2.58 million barrels per day (bpd), reported Gulf News.
The IEA added that the country had a sustainable output capacity of 2.74 million bpd; moreover, it has the ability to increase output to meet growing demand, as the new imposed sanctions on Iran’s oil imports would force several customers to search for other suppliers.
It also said that over the course of the current year, the UAE, Libya and Iraq are forecasted to boost production capacity, potentially as much as 850,000 bpd.
It is worth noting that oil output of non-OPEC supply is also forecasted to rebound to around 1 million bpd in 2012, according to the IEA.
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