UAE Has Spare Oil-Production Capacity

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Sun, 08 Oct 2000, 12:07pm EDT

10/08 10:15 UAE Has Spare Oil-Production Capacity, Gulf Newspaper Says By Mohammed Tarek

Dubai, Oct. 8 (Bloomberg) -- The United Arab Emirates said it is capable of producing 500,000 barrels per day of crude oil above its quota assigned by OPEC last month, the Gulf News of Dubai reported, citing Ibrahim Ismail, adviser at the UAE Ministry of Petroleum and Mineral Resources.

The UAE is the fifth-largest producer among the 11 members of the Organization of Petroleum Exporting Countries. Its current OPEC quota is 2.289 million barrels per day

The only remaining idle capacity in OPEC is in the Gulf countries, particularly in Saudi Arabia which has a 2 million barrels a day of spare capacity, he said. Other OPEC members such as Iraq, Iran, Kuwait, Venezuela and Libya can raise their production capacities but require heavy capital investment, he added.

OPEC, which pumps 40 percent of the world's oil, increased its output 3.2 percent last month to 26.2 million barrels a day in an effort to drive down prices that surged to $37.80 a barrel the same month or about triple the levels of December 1998.

http://quote.bloomberg.com/fgcgi.cgi?ptitle=Gas%20News&touch=1&T=energy_news_story.ht&s=AOeCBZBSHVUFFIEhh

-- Martin Thompson (mthom1927@aol.com), October 08, 2000


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