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UAE oil output up marginally in July to 2.27m barrels per day
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08.17.2009 |
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Abu Dhabi: The UAE's oil output increased marginally in July to 2.27 million barrels per day (bpd) from the previous month's average of 2.25 million bpd, the latest data of the Paris-based International Energy Agency (IEA) shows.
The UAE's oil output in July was more "due to higher output levels at offshore Lower Zakum." Despite the higher output levels, the UAE attained 100 per cent of its output target last month, the IEA said in its latest monthly oil market report.
The IEA advises 28 industrialised countries of the world on energy policy.
The IEA also said the UAE's average oil output during the second quarter fell to 2.25 million bpd from 2.29 million bpd during the first quarter.
The average oil output was 2.59 million bpd in 2008, it added.
Officials at the UAE Ministry of Energy were not immediately available to comment on the IEA figures.
"Markets are range bound right now," Dalton Garis, Associate Professor of Economics and Petroleum Market Behaviour at Abu Dhabi's Petroleum Institute, told Gulf News.
"Demand seems to be satisfied at current prices. As well, there's excess oil supply in the market," Garis added.
The current global fin-ancial crisis, which clamped a vice-like grip on the world in the second half of 2008, wiped out more than $25 trillion (Dh91.75 trillion) from the international financial system and slowed the demand for oil worldwide as economic growth rates slowed.
The crisis sent the oil market into a downward spiral after attaining an all-time high of $147.27 a barrel on July 11 last year that forced the Organisation of Petroleum Exporting Countries (Opec) to announce output cuts to shore up declining oil prices, which at one time in December fell to below $33 a barrel.
The oil prices have since partly recovered and are currently hovering in the price range of $67 to $73 a barrel on the international market.
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Source:www.zawya.com |
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