Abu Dhabi Crude oil production in the UAE in Dec-ember rose marginally over the previous month to 2.28 million barrels per day (bpd) with the country's compliance with production cuts previously announced by the Organisation of Petroleum Exporting Countries (Opec) standing at a high 98 per cent, latest estimates by the International Energy Agency (IEA) show.
The UAE's crude output in November was 2.27 million bpd. For full year 2009 the UAE's oil output averaged 2.27 million bpd, 12.2 per cent lower than the 2008 average, said the Paris-based IEA, which advises 28 industrialised nations of the world on energy policy.
However, for last year's fourth quarter, the country's oil output average rose marginally to 2.28 million bpd from 2.27 million bpd in the third quarter.
Meanwhile, the price of Abu Dhabi National Oil CompanyAbu Dhabi National Oil Company's (AdnocAdnoc) basket of crudes averaged $75.58 (Dh442.66) a barrel in Dec-ember, in line with the prevailing global oil prices, latest data from AdnocAdnoc showed. AdnocAdnoc produces more than 90 per of the UAE's crude.
AdnocAdnoc's most popular crude grade Murban's official selling price (OSP) was $76.10 per barrel, while Lower Zakum's OSP was $75.85 a barrel. This was followed by Umm Shaif at $75.60 a barrel and Upper Zakum at $74.75 a barrel.
"I think the international oil prices will keep bouncing around $72-$82 per barrel until April.
"The oil markets currently are moving sideways with a downside bias," Dalton Garis, Associate Professor of Economics at Abu Dhabi's Petroleum Institute, told Gulf News.