UAE producing oil close to its capacity: Minister

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The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline…reports Asian Lite News

The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd), which UAE is committed by until the end of the agreement, said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

”In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd) which UAE is committed by until the end of the agreement,” he said.

Meanwhile, the total world crude oil production increased in 2021 by 0.52 million barrels/day (m b/d) or 0.8 percent, as compared to 2020, for an average of 69.64m b/d, according to the Annual Statistical Bulletin (ASB), one of the flagship publications of the Organisation of the Petroleum Exporting Countries (OPEC).

“OPEC crude oil production rose year-on-year by 0.70m b/d, or 2.7 percent, while crude production by non-OPEC countries fell slightly by 0.18 m b/d, or 0.4 percent,” said the 57th edition of the ASB.

With an average of 96.92m b/d in 2021, the world oil demand rebounded from the COVID-19 pandemic to grow by 5.74m b/d y-o-y, or by 6.3 percent. Although oil demand grew year-on-year in every region, the largest gains were recorded for OECD Americas, OECD Europe and China.

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Oil demand in OPEC Member Countries was bullish in 2021, gaining 5.3 percent year-on-year. Distillates and gasoline accounted for around 55.2 percent of 2021 world oil demand with an upward trend. Residual fuel oil requirements were about 6.6 percent of total oil demand in 2021.

The world refinery capacity gained by 0.28m barrels/calendar day (b/cd) to stand at 101.70m b/cd during 2021. The non-OECD region, particularly the Middle East and China, as well as Africa and India recorded refining capacity additions. Refinery capacity in the OECD declined for the third consecutive year in 2021.

Globally, refinery throughput increased by 5.1 percent to reach 81.82m b/d in 2021 amid bullish oil demand. OPEC Member Countries exported an average of 19.66m b/d of crude oil in 2021, a slight decrease of about 0.04m b/d, or 0.2 percent, compared to 2020 and remaining below pre-pandemic levels.

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