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News from the Middle East
The UAE is increasing its oil production cuts and expects to meet its OPEC commitment to reduce output by 139,000 b/d by June, according to Energy Minister Suhail Al Mazrouei, writes Trevor Stott-Briggs, EI Middle East branch. The International Energy Agency has reported that the UAE was among a number of countries that did not achieve their cut levels in January, the first month of the deal, with the UAE producing 2.96mn b/d versus a pledged level of 2.7mn b/d.
Meanwhile, the head of the newly merged petroleum division at Mubadala Investment Company says the tough oil price environment of the past two years forced the company to transform the way it operates upstream and has left the new larger company poised for growth.
Lastly, the Dubai Electricity and Water Authority (Dewa) has unveiled plans to increase its power sector investment by nearly 50% for new substations over the next three years as the emirate works to meet the rise in domestic electricity demand.
News Item details
Journal title: Petroleum Review
Keywords: Electricity generation - OPEC Quotas - Oil production
Countries: UAE - Middle East -
Organisation: OPEC
