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UAE January oil output down about 3pct from December — IEA

Posted on 11 March 2013

The UAE’s crude oil output fell close to 3 per cent to average 2.60 million barrels a day (bpd) in January from 2.68 million bpd in December 2012, latest estimates of the Paris-based International Energy Agency (IEA) show.
“Production from the UAE declined by 80,000 bpd to 2.6 million bpd, due to a temporary reduction in onshore output stemming from work related to plans to raise crude oil production capacity from the current 2.8 million bpd to 3 million bpd. Plans to expand capacity by 200,000 bpd were delayed from the fourth quarter of 2012 and are now expected to be completed by the end of the first quarter of 2013,” said the IEA, which advises 28 industrialised countries on energy policy………………………………………..Full Article: Source


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