UAE’s oil output in July rose 0.8%

posted on 19/08/2012: 738 views

The UAE's average oil output in July is estimated to have risen by 0.8 per cent to 2.68 million barrels per day (bpd), latest data from the International Energy Agency (IEA) show.

In June, the IEA estimated the oil-rich Gulf country to have produced an average 2.66 million bpd of crude oil.

"Abu Dhabi began commissioning the 1.5 million-bpd Habshan to Fujairah pipeline in early July, a project designed to ship onshore Murban crude 370 kilometres to the northeast, bypassing the Strait of Hormuz. Around 8 million barrels of new crude storage has been built at Fujairah in conjunction with the pipeline, and the line is expected to be operating close to capacity levels by end of 2012,” the Paris-based IEA said in a report.

The IEA advises 28 industrialised countries on energy policy.

During the first quarter of 2012, the UAE's oil output averaged 2.61 million bpd, while it went up to 2.65 million bpd in the second quarter, IEA estimates show.

The UAE's oil output averaged 2.5 million bpd last year, according to the IEA. – Gulf News

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