Crude Oil Production Capacity Will Increase

The UAE’s crude oil production capacity will increase by 8% to 2.7 million bpd by the first quarter in 2006, according to a statement made by the Energy Minister. The UAE is expected to add 100,000 bpd of production during 4Q 2005 and an additional 100,000 bpd the consecutive quarter. The primary source of the extra will originate from unnamed onshore fields. The extra 200,000 bpd of UAE production is equivalent to 15% of the IEA’s forecasted additional consumption in 2006. The minister added that refinery capacity is under review.