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UAE Says Will Hike Oil Production

UAE Says Will Hike Oil ProductionUAE Says Will Hike Oil Production

UAE has begun to increase oil production in the third quarter and expects further increases through this month and November in line with market requirements, according to a tweet by UAE Energy Minister Suhail Al Mazroui.

“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,” the minister said.

Al Mazroui also said the UAE’s production capacity by year-end 2018 will be 3.5 million barrels per day and December’s production will be subject to customer demand, Gulf News reported.

Member countries of the Organization of the Petroleum Exporting Countries and non-OPEC countries like Russia are increasing production to stabilize prices, which have been rising due to supply concerns following the re-imposition of sanctions on Iran by the US as well as falling production by Venezuela.

Brent, the global benchmark for crude oil, is currently trading above $82 per barrel after touching a four-year high of above $86 per barrel earlier in the month. US crude West Texas Intermediate was at $72.46 per barrel on Thursday.

 

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