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FINANCIAL NEWS
UAE’s Sep oil output up by 0.8%: IEA
11 Nov 2011
(MENAFN) The International Energy Agency (IEA) said that in September, the UAE increased its oil production by 0.8 percent from August to 2.55 million barrels per day (bpd), reported Gulf News.
The agency added that the country’s oil output averaged around 2.53 million bpd during the third quarter, compared with 2.48 million bpd during the previous quarter.
It also said that in September, the UAE along with Kuwait and Saudi Arabia lifted up their oil output in order to offset the shortage from Libyan supplies that were halted due to the civil war.
It is worth noting that in 2011, global oil demand is expected to reach 89.5 million bpd on average, with a rise of 1.4 percent over last year according to the IEA.
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