Global oil demand will remain stable in 2012, while economic growth will also be more or less the same as this year, UAE’s Energy Minister has said.
Talking to reporters after a meeting of Gulf Arab oil ministers in Abu Dhabi, Mr Mohammad bin Dha’en Al Hamili said the UAE produced about 2.6 million barrels per day of oil in December.
“Our commitments (for December) were set at the end of October,” Mr Hamili said.
He also said a crude export pipeline that bypasses the Strait of Hormuz will start very soon.
During the same conference, Kuwait’s Oil Minister said his country produced more than three million barrels of oil in December and expects that rate to continue if demand exists.
“We are over three million and if the demand is there, we will continue to produce that,” Mr Mohammad Al Busairi said.
On Saturday, members of the Oragnisation of Petroleum Exporting Countries (OPEC) in Cairo assured that they would accommodate increased Libyan oil output after lifting of economic sanctions.
Libya is currently producing slightly more than one million barrels of oil per day and the country expects to return to full production by mid-2012, the chairman of Libya’s National Oil Corporation, Mr Nouri Berruien, told reporters after the Cairo meeting.
OPEC on December 14 agreed to raise its production to 30 million bpd, ratifying current production near three-year highs.