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19 March 2024

UAE to pump 3.6mbpd in 2015

Published
By Staff

The UAE is expected to boost its production of crude oil, condensates and other conventional energy sources to a record high of around 3.5 million barrels per day (bpd) in 2015 to maintain its position as one of the world’s largest hydrocarbon suppliers, according to official US data.

The UAE pumped nearly 2.8 million bpd of crude and other energy sources in 2010 and the increase in its production in the following years will be needed to face an increase in global demand and possible decline in other sources.

Figures by the Energy Information Administration (EIA) of the US Department of Energy assumed a reference oil price scenario of between $100 and $150 for the UAE’s future oil supply as output could be lower in case of high prices.

In its annual energy outlook report for 2011, EIA expected the UAE’s oil and condensates production to slip to around 3.5 million bpd in 2020 and remain unchanged in 2025 before falling back to 3.3mbpd in 2030.

In the high price scenario, involving prices of between $150 and $200 a barrel, production was projected at 3.2mbpd in 2015 and 3.3 million bpd in 2020. EIA forecast output at 3.4mbpd in 2025 and 3.2mbpd in 2030. In the low price case of between $50 and $100 a barrel, the UAE’s oil and condensates output could be as high as 3.9mbpd in 2015 on the grounds low prices will spur global oil demand. The report expected output to remain unchanged in 2020 before sliding to 3.7 and 3.4mbpd in 2025 and 2030.

In the reference case, Saudi Arabia, the world’s dominant oil exporter, is projected to produce 11.6mbpd in 2015, around 12.8mbpd in 2020 and as high as 13.9mbpd and 14.6mbpd in 2025 and 2030.

Kuwait is forecast to pump 3mbpd in 2015 in the reference price case while output is expected to rise to 3.1mbpd in 2020, nearly 3.3 mbpd in 2025 and 3.7mbpd in 2030.

Qatar, a relatively small oil producer but the world’s largest LNG exporter, could produce 1.9mbpd of crude and condensates in 2015, the report showed.

Production is expected to swell to nearly 2.1mbpd in 2020, 2.3mbpd in 2025 and 2.4mbpd in 2030.

Iraq, which has been locked in a post-war reconstruction programme, pumped around 2.4mbpd in 2010 and output could surge to 2.9mbpd in 2015, still way below its production of more than 3mbpd before the war. But EIA expected output to climb to 3.6mbpd in 2020, nearly 4.5mbpd in 2025 and as high as 5.5mbpd in 2030.

Iran, which controls the world’s second proven oil and gas reserves, is projected to produce nearly 4mbpd of crude and condensates in 2015. Its output could fall to 3.8mbpd in 2020 and 3.7mbpd in 2025 before edging up to around 3.8mbpd in 2030.