UAE on track for 3 million barrels per day
FUJAIRAH, October 1, 2014 – The UAE’s Undersecretary to the Ministry of Energy confirmed last week that the country is on track to increase oil production to 3 million barrels per day (bopd) by the end of 2014.
At the Gulf Intelligence Energy Markets Forum 2014, Matar Hamed Al Neyadi cited international demand as the chief reason for the UAE meeting this target by year-end. The IEA noted a 20,000-bopd increase in the UAE’s production in August 2014 bringing output to 2.8 million bopd.
The country has been working towards a 2017 production target of 3.5 million bopd, although some sources have suggested this has been pushed back to 2020.
The UAE primarily exports oil to Asian markets. An estimated 94 percent of the country’s recoverable oil reserves are located in the emirate of Abu Dhabi.