UAE to up oil output 30%

by Dylan Bowman
14 June 2007
ArabianBusiness.com

The UAE is looking at upping its oil output 30% in the next two years, the country’s minister of energy said on Wednesday. Mohammad Bin Dha'en Al Hamili said during a press conference the country was considering raising production from 2.7 million barrel per day (BPD) to 3.5 million barrel per day by 2009. The minister, who is also the current president of OPEC, said both the UAE and OPEC are worried about oil price stability, but that there are enough oil supplies.

He attributed the rise in prices to political tension in some production areas, market speculations and refining bottleneck in some producing countries. Al Hamili called for more communication between oil producing nations and consumer countries in order to create greater stability within the market and wider global economy.