UAE to boost oil output

The UAE will increase its oil production capacity up to 3.5 million barrels per day within next five year, said Energy Minister Mohammed bin Dha’en Al Hamili.

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Hamili estimated that by 2020 world oil requirement would rise by another 23 million barrel per day or 28 per cent to around 106 mbpd from the average demand level of 2005, estimated at around 83 mbpd. This trend in oil demand growth, he said was expected to continue in the future, requiring additional oil supply to be made available to maintain world economic development.

Khaleej Times