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
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
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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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