The United Arab Emirates has launched a campaign to double oil production in 2006, the Middle East Newsline reported Saturday.
Industry sources quoted by the MENL said the UAE wants to use the current high prices to pay for the expansion of its energy industry. The UAE is thought to house 10 percent of global oil reserves.
The sources said Abu Dhabi pumped about 2.5 million barrels per day in 2003. They said output would drop to 2.3 billion barrels per day this year amid production difficulties.
The Center for Global Energy Studies in London and Business Monitor International predicted UAE oil production would increase to 2.35 million barrels per day in 2005 and a record 2.5 million barrels daily in 2006. The UAE Oil Ministry said the emirates have invested more than $8 billion into its oil sector since 2000.
© Copyright 2004 by United Press International
