UAE oil production hits record high

NTBKtrader · Intermediate Crude Joined: Oct 19, 2004 Posts: 591

The UAE's oil production hit a record high in May and Russia overtook Saudi Arabia as the world's top crude producer, according to a report.

The UAE's oil output hit 2.651-million bpd in May, keeping the country among the top 10 producers, according to figures released by the Riyadh-based Joint Oil Initiative Data.

Russia became the world's top producer, pumping 9.636-million bpd in May. Saudi Arabia's output stood at 8.93-million bpd, sharply lower than the 9.432-million bpd it produced in the same month last year, said the report.

"The UAE's crude output that comes largely from Abu Dhabi is currently around 2.6 to 2.7-million bpd and plans are on tap to raise it to 4-million bpd by 2010. In fact, we would see a gradual increase in the UAE's output in the next four years," an Abu Dhabi-based oil expert was quoted as saying by Gulf News.

http://www.tradearabia.com/tanews/newsdetails_snOGN_article110257.html

TorrKing

Is it realistically possible for them to raise production this much? I can't say I know an awful lot about the Emirates.

Torjus Gaaren

mrobert

The more they pump, the sooner they will run out Smile

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mekrob · Expert Joined: Dec 09, 2005 Posts: 2663

mekrob · Expert Joined: Dec 09, 2005 Posts: 2663

So no surprised reactions noting that SA is down to less than 9 mpd?!?! They were at 9.5, then 9.1 because they had "no buyers (for heavy crude)", but now a bit more than 8.9 mpd. What's going on...?
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Raminagrobis · Tar Sands Joined: Jul 18, 2005 Posts: 25

Fergus · Heavy Crude Joined: Jun 13, 2006 Posts: 409

bears watching to see how long they can keep it up. I dont know, I see reports that supplies are increasing here but decreasing over there. Has anyone charted the actual production changes and come up with a net gain or loss over 6 months - 1 year- 5 years?

That would be interesting to see just wether were treading water or making headway against the current or actually losing the battle to keep our head above water.