UAE pumps more oil to fill gap left by Libya

OPEC governor says UAE has joined Saudi Arabia, Kuwait and Angola in helping to cover shortage
UAE pumps more oil to fill gap left by Libya
An Abu Dhabi National Oil Company oil rig.
By Reuters
Mon 28 Mar 2011 10:07 PM

The UAE is

stepping in to fill the gap from a drop in Libyan oil supply by

pumping more oil, the country's OPEC governor said on Monday.

Since the start of disruptions in Libya's oil supplies, OPEC

members have taken unilateral action to boost production. Saudi

Arabia, the world's largest oil exporter, has produced just

under 9 million barrels per day (bpd) so far in March.

"As oil exports from Libya were affected, other OPEC members

stepped in including Saudi, Kuwait, Angola and the UAE," Ali

Obaid al-Yabhouni told a conference in Abu Dhabi. "There is no

damage report of infrastructure of Libya's oil production, so

once the problems are resolved, (exports) will go back to

normal."

Al-Yabhouni said that, with plenty of supply in the market,

he saw no sign that OPEC would meet before June.

"As far as I'm aware, there is no need for an extraordinary

meeting."

Oil last month hit a two-and-a-half year high of nearly $120

per barrel, driven by turmoil in Libya, which had been producing

around 1.6 million bpd before protests erupted.

Brent crude futures for May delivery rose 13 cents

to $115.72 per barrel on Monday after bouncing off its early

$114.55 low. U.S. May crude futures fell 68 cents to

$104.72 a barrel, swinging between $103.60 and $105.76.

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