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Page added on January 9, 2013
UAE Plans to Lift Oil Production Capacity in 2013
The United Arab Emirates plans to raise its oil production capacity to 3 million barrels a day, from the current 2.8 million, during the current year, the country’s oil minister Mohammad Al-Hamli said Wednesday.
The Gulf state’s crude output stood at 2.6 million barrels a day in December and it is currently producing at around the same level, Mr. Hamli told reporters at an event in Abu Dhabi.
The U.A.E is likely to become a net importer of natural gas in the next few years due to rising domestic demand, but it has no issue in securing gas supplies, he added. The country, which holds about 214 trillion cubic feet of gas with consumption pegged at around 4 billion standard cubic feet per day, has no plans to change its gas prices for industries in the country, said Mr. Hamli.
The U.A.E. has failed in recent years to develop enough gas production to meet its rising electricity demand, especially during the summer months when use of air conditioning soars. The country, one of the world’s top five power consumers per capita, hopes that nuclear energy will eventually help it meet 25% of its consumption requirements even as the economy expands.
4 Comments on "UAE Plans to Lift Oil Production Capacity in 2013"
BillT on Thu, 10th Jan 2013 2:24 am
RIGZONE – Petroporn.
econ101 on Thu, 10th Jan 2013 2:51 pm
LOL…
There is as much oil and gas as they are willing to pump. They are in total control of the production and use that control to maintain price. They are able to do this because the US has artificially, through the politics of peak oil, kept our North American production artificially low. Those days are ending. New supplies coming on line in the USA and other places will limit or end their ability to keep prices high. Future prices will probably be pegged at a reasonable premium to production costs because the Arabs are losing control of supply to other, non-OPEC producers.
BillT on Thu, 10th Jan 2013 3:36 pm
Hahahahaha….tell me another one econ. I could use a good laugh. You costs are climbing, and the results are declining. The sweet spots have been tapped. The low hanging fruit has been picked. All that are left are the culls not worth looking at the first time around.
Rusty Baker on Thu, 10th Jan 2013 9:48 pm
This is precisely the politics of peak oil. Producers artificially lower production in order to warrant high prices pf crude. The truth is that the earth is flooded in oil, we have at least a 1000-year supply at current rates of consumption. America could easily become energy independent if it wasn’t for the Communist policies of the EPA and liberals in Washington. According to my estimates, if we opened more federal land to drilling and removed all environmental regulations , USA would be producing 19.5 million barrels a day of pure American light sweet crude. Moreover, The price of a barrel could conceivably drop to 11 dollars a barrel.