UAE Producing Near To Maximum Oil Output, Says Energy Minister

/ Oil & Gas / Tuesday, 28 June 2022 09:21

UAE is producing near to its maximum production capacity based on its current OPEC+ production baseline /3,168 mbopd according to Minister of Energy.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated that,''The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd), which UAE is committed by until the end of the agreement.''

''In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd) which UAE is committed by until the end of the agreement,'' he tweeted.

Meanwhile, French president  Emmanuel Macron told US president Joe Biden during the sidelines of G7 meeting that Saudi Arabia and the United Arab Emirates can barely increase oil production as told to him by the UAE's president Sheikh Mohammed bin Zayed al-Nahyan, according to Reuters news report.

In June, OPEC countries and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July-August, up from 432,000 barrels a day in recent months.

Saudi Arabia and the UAE are deemed to be two countries in OPEC with spare capacity to boost global deliveries that could reduce prices. Many of the oil producing member countries are struggling with lack of investments exploration activities

Brent oil prices rose 1.7% to above $115 per barrel as the West seeks ways to reduce Russian oil imports to punish Moscow.

Saudi Arabia produces 10.5 million bpd and has a rated capacity of 12.0 million-12.5 million bpd, which in theory shall allow it to raise production by 2 million.

The UAE is producing some 3 million bpd, has capacity of 3.4 million and has been working on raising it to 4 million bpd.

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