02-08-2018

UAE’s July crude production hits one-year high: source

The UAE boosted its crude production by about 85,000 b/d in July, an industry source familiar with the country’s oil operations told S&P Global Platts, as OPEC loosens the taps under a supply accord signed in June.

UAE production averaged 2.975 million b/d in July, the source said, which would be the highest since the country reported output of 2.977 million b/d in July 2017.

The UAE said its June production was 2.890 million b/d.

The increase came across all the country’s grades, the source said on condition of anonymity.

OPEC on June 23 agreed with Russia and nine other allies on a 1 million b/d output increase to head off any supply shortages expected from US sanctions on Iran and Venezuela’s continued decline, among other market disruptions.

The producer group has not said how those extra barrels will be allocated among its members.

Abu Dhabi state oil company ADNOC, which produces nearly all of the UAE’s crude, said in a statement last month that it “has the ability to increase oil production by several hundred thousand barrels of oil per day, should this be required.”

It added that its production capacity currently stands at 3.3 million b/d and will rise to 3.5 million b/d by the end of 2018.

ADNOC launched a new Umm Lulu crude grade this year, as a blend produced from its offshore Umm Lulu and Satah al-Razboot fields.

The grade is Abu Dhabi’s first since it introduced Das Blend in 2014 from crudes produced at the offshore Umm Shaif and Lower Zakum fields. ADNOC also exports offshore Upper Zakum crude and its flagship Murban grade, which comes from onshore fields.

Source: Platts

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