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UAE sees drop in Jan oil output

Abu Dhabi, February 7, 2012

The UAE produced 2.52 million barrels per day (bpd) of oil in January, down slightly from 2.6 million in December, an industry source familiar with the matter said.

'Demand still remains strong from Asia which kept production almost steady in January,' the source told Reuters on Monday. The production is expected to pick up to 2.6 million bpd again in February, he added.

Traders have so far not identified any new orders from European countries from the UAE, as the West prepares to ban Iranian crude imports.

Like other Gulf Opec members, the UAE has promised Asian customers it will meet any increase demand, however with a capacity of around 2.7 million bpd, the UAE is already nearing its capacity limit.-Reuters




Tags: UAE | Oil output |

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