U.A.E. Sticks With Oil Output Boost Even as Prices Drop - Bloomberg

U.A.E. Sticks With Oil Output Boost Even as Prices Drop - Bloomberg:



"The United Arab Emirates will stick with a plan to increase oil-production capacity to 3.5 million barrels a day in 2017 even as an oversupply pushed prices to the lowest in more than five years.



“In this time of unstable oil prices, we are showing in Abu Dhabi and across the country that we remain dedicated to reach our long-term production goals,” Energy Minister Suhail Al Mazrouei said in a presentation in Abu Dhabi yesterday. “Our investments remain there.”



Oil fell to the lowest level since March 2009 yesterday after Goldman Sachs Group Inc. (GS) and Societe Generale SA (GLE) cut their price forecasts. Venezuela called on producers in the Organization of Petroleum Exporting Countries to work together to lift prices back toward $100 a barrel. The U.A.E., the fifth-largest OPEC member, produced 2.7 million barrels a day last month and has a current capacity of 3 million barrels a day, according to data compiled by Bloomberg."



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