The UAE produced 2.693mn b/d of crude in August, some 103,000 b/d above its current quota of 2.590mn b/d under the Opec+ production deal. Saudi Arabia’s key Gulf ally has stood behind the kingdom as a key enforcer of the deal in the face of recent months’ overproduction from Iraq in particular (MEES, 4 September).
But record power demand (see main story) led the country to raise oil production in order to boost output of associated gas for power generation. “While the UAE’s production increased to 2.693mn b/d in August, measures have been taken to compensate for this temporary increase due to peak summer electricity demand in the UAE, which required an increase in oil production and associated gas,” UAE energy minster Suhail al-Mazrouei tweeted on 1 September. (CONTINUED - 305 WORDS)
