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UAE, Kuwait Oil Output Down in November  Join our daily free Newsletter

MENAFN - Qatar News Agency - 24/12/2012

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(MENAFN - Qatar News Agency) The UAE, on average, produced 2.65 million barrels per day (bpd) of oil in November, 0.75 per cent lower than its output in October, latest data from the Paris-based International Energy Agency (IEA) showed.

"Kuwait and the UAE posted small declines in November. Kuwait output was down by 40,000 bpd to 2.78 million bpd while the UAE fell by a smaller 20,000 bpd to 2.65 million bpd, said the IEA, which advises 28 industrialised countries on energy policy.

According to the IEA, the UAE, on average, produced 2.67 million bpd of crude oil in October, while its output in September stood at 2.69 million bpd.

The UAE has a sustainable oil production capacity of 2.79 million bpd at present, the IEA figures revealed.

A top-ranking UAE oil executive previously said the country s oil production capacity is expected to rise to around 3 million barrels per day by the end of 2012, Gulf News reported on Sunday.

The UAE intends to increase its oil production capacity to 3.5 million bpd by 2018 to meet the rising global oil demand, the newspaper reported.

 






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