Monday 20 June 2011

UAE oil output falls in May amid maintenance, declining demand


UAE oil output in May fell 3.59 per cent from the previous month to 2.42 million barrels a day (bpd), the latest estimates by the Paris-based International Energy Agency (IEA) show.

But output was significantly above the UAE's 2.223 million bpd quota set by the Organisation of Petroleum Exporting Countries (Opec) in January 2009.

In April, the UAE was estimated to have produced 2.51 million bpd of crude oil, while in March the output stood at 2.52 million bpd, said the IEA, which advises 28 industrialised countries on energy policy.

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