UAE aims to increase oil output capacity by 2018
Abu Dhabi's Department of Economic Development estimates UAE’s proven oil reserves at 98.2 billion barrels.
August 5, 2010 11:00 by Reuters
The United Arab Emirates aims to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018 from 2.7 million bpd now, said a government report released on Thursday.
The report from Abu Dhabi’s Department of Economic Development also estimated the United Arab Emirates’ proven oil reserves at 98.2 billion barrels.
That figure is slightly higher than the 97.8 billion number released by the Organization of the Petroleum Exporting Countries earlier this year.
According to a Reuters survey, the OPEC member is producing below its capacity, with output at around 2.3 million bpd.
OPEC agreed output reductions in December 2008, when the oil price was crashing after a record rally and as global recession took hold.
The output curbs, which are still in place although compliance with them has lapsed across the producer group, helped to trigger a rally in oil prices, which have recovered to above $80 a barrel.
(Reporting by Amena Bakr; editing by Jane Baird)