UAE Oil Output Hit 2.7m bpd In March

The UAE oil production was reportedly at full capacity because of the rising demand.

The UAE produced 2.7 million barrels per day (bpd) of oil in March, an industry source told Reuters on Thursday, pumping oil at full capacity as demand remained strong and up 100,000 bpd on the previous month’s output.

“The production is at full capacity in March, demand is high and there is more oil going into storage,” the source said.

In February, the UAE pumped 2.6 million bpd of oil, its oil minister Mohammed bin Dhaen al-Hamli said.

OPEC’s output last month rose to its highest level since October 2008 despite a drop in shipments from Iran, and the UAE’s production was above the traders’ expectations.

Pressure is mounting on buyers of Iranian crude to cut imports as the United States and European Union tighten sanctions.

The European Union will impose a full embargo on Iranian oil imports from July 1.

Like other Gulf OPEC members, the UAE has promised Asian customers it will meet any additional demand, however with a capacity of around 2.7 million bpd, the country has no spare is producing at its limit.