Small BusinessUAE's crude production could rise 12.5% by 2014
The United Arab Emirate"s average sustainable crude oil production capacity is set to increase by 12.5 per cent to 3.06 million barrels per day (bpd) by 2014, the International Energy Agency (IEA) has estimated.
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The present sustainable crude production capacity of UAE is 2.72 million bpd, the IEA said. In 2010, the country"s crude production capacity will decline marginally to 2.71 million bpd, but will climb steadily thereafter to 2.75 million bpd in 2011, 2.88 million bpd in 2012 and 2.99 million bpd in 2013.
In November 2009, UAE"s oil output was 2.27 million bpd, marginally lower than October"s output of 2.28 million bpd, in line with output curbs previously announced for member countries by the Organisation of Petroleum Exporting Countries (Opec).
Last month UAE reported a 100 per cent compliance with Opec"s production cuts and was the only country to do so, the IEA data showed.
The country"s largest oil producer--Abu Dhabi National Oil Company"s (ADNOC) crude oil prices averaged at $78.07 (286.51 dirhams) per barrel in November, which is in line with prevailing global prices, latest data from Adnoc shows.
ADNOC produces more than 90 per cent of UAE"s crude.
For the third quarter last year, UAE"s oil output averaged at 2.27 million bpd, marginally higher than 2.25 million bpd during the second quarter, the IEA data showed.