UAE to pump more oil in Oct, Nov to meet customers’ needs: energy minister
The UAE expects to produce more oil in October, November to meet its customers’ requirements after having increased production in the third quarter, energy minister Suhail al-Mazrouei said.
“In line with market requirements, the UAE began to increase its oil production in Q3 and expects to further increase its production levels in October and November 2018,” Mazrouei said in a tweet.
“Our December production will be subject to customer demand,” Mazrouei said, adding that the UAE’s oil production capacity would be about 3.5 million b/d by the end of 2018.
“The UAE remains committed to working with its OPEC and non-OPEC partners to ensure balance and stability in the market, in the interests of both producers and consumers,” he added.
At 2:55 pm Singapore time (0655 GMT) Thursday, December ICE Brent crude futures were down 94 cents/b from Wednesday’s settle at $82.15/b.
In a recent interview with S&P Global Platts in Algiers, Mazrouei said that the UAE, OPEC’s fourth-largest producer, aimed to achieve a total production capacity of 3.5 million b/d by the end of the year — some 500,000 b/d above what it currently produces — but would not tap that full amount unless it saw sufficient customer demand.
The UAE pumped 3.01 million b/d in September, the highest level since December 2016, according to the latest Platts survey on OPEC production.
OPEC and 10 allies have agreed to boost production by 1 million b/d from May levels to offset expected losses from US sanctions on Iran and Venezuela’s continued economic crisis.