UAE August output rose to 2.6m

The UAE produced 2.6 million barrels per day (bpd) of oil in August, up from around 2.5 million bpd in July, a Gulf oil source told Reuters yesterday. Saudi Arabia and its Gulf allies, including the UAE, have raised output since failing to convince other Opec members in early June to agree to a formal increase to help compensate for the shutdown of Libyan oil fields and meet demand. "Production for August was 2.6 million. Libya is still not producing and the Gulf countries are still stepping in," the source told Reuters. Libya's interim oil minister Ali Tarhouni said on Saturday the North African country should start producing oil again within four days but would take a year to return to pre-war levels. Gulf producers may reduce output again once Libyan exports resume, but strong demand in their big export markets in Asia could keep output at current levels.