UAE to raise oil production capacity to 3.5 million bpd
The UAE plans to raise its oil production capacity to 3.5 million barrels per day by 2017 to meet growing demand for hydrocarbons as populations expand, said the country’s energy minister, Suhail Al Mazrouei.
“UAE is set to raise its production capacity to 3.5 million barrels per day aimed at keeping a market balance,” Mr Al Mazrouei told the Emirates news agency WAM on the sidelines of the 15th International Oil Summit in Paris. “We follow-up markets regularly, especially the present as well as future oil demands in coordination with Opec and its member Gulf states. We will focus on the country’s historic strategy, which is to supply international markets with oil, especially the challenges facing the market as well as the future role of the member states of Opec.”
Mr Al Mazrouei said that the UAE, which is the eight largest producer of crude in the world, would continue in line with Opec to ensure the stability of the oil markets by helping to maintain a balance between oil exports and global demand.
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Updated: April 12, 2014 04:00 AM