ABU DHABI: In compliance with OPEC’s oil-output cut decision during the first six months of the year, the UAE produced 208 million barrels of crude oil during the Q1 2017, compared with 211,73 million barrels during the same period last year, according to the UAE Central Bank, CB, statistics. According to the CB’s quarterly review of economic performance indexes, the country’s b/d production reached 2.9 millions during the first quarter of the year. The country’s average daily production during 2016 stood at 3.089 million barrels, as per statistics published earlier by the Ministry of Energy on its electronic website.
The crude price during the Q1 2017 ranged between $52.6 and $56.2 against $44.00- $45.3 in 2016. The UAE’s total oil production in 2016 increased to 889.6 million barrels thanks to ADNOC’s well-thought-out development strategy to synergise the strengths of national oil companies and optimise the sector’s performance.
