This is from TradeArabia.com:
The UAE's oil production hit a record high in May and Russia overtook Saudi Arabia as the world's top crude producer, according to a report.
The UAE's oil output hit 2.651-million bpd in May, keeping the country among the top 10 producers, according to figures released by the Riyadh-based Joint Oil Initiative Data.
Russia became the world's top producer, pumping 9.636-million bpd in May. Saudi Arabia's output stood at 8.93-million bpd, sharply lower than the 9.432-million bpd it produced in the same month last year, said the report.
"The UAE's crude output that comes largely from Abu Dhabi is currently around 2.6 to 2.7-million bpd and plans are on tap to raise it to 4-million bpd by 2010. In fact, we would see a gradual increase in the UAE's output in the next four years," an Abu Dhabi-based oil expert was quoted as saying by Gulf News.
Last week, Abdullah Nasser Al Suwaidi, Adnoc's deputy CEO and exploration and production director, said the company has increased production by 25 per cent over the last two years and is currently developing new fields in an effort to increase daily output from 2.8 million bpd to 4-million by 2010.
The US was the third largest producer last May, with its output standing at 5.092-million bpd.
It was followed by Iran (4.010-million), China (3.836-million), Mexico (3.337-million), the UAE (2.651-million) and Kuwait (2.579-million), the report added.
China's oil demand surged by nearly 700,000-bpd in a year to become the world's second-biggest crude consumer after the US, the report added.
It showed China's consumption reached 6.845-million bpd in May compared with 6.171-million bpd a year earlier.
A breakdown showed US demand grew to around 20.695-million bpd in May from 20.140-million bpd in the same month last year.
Japan's crude consumption climbed to nearly 5.226-million bpd from 4.677-million bpd in the same period, the report said.
Excluding Russia, which did not supply consumption figures, Germany ranked fourth among consumers, with demand growing to nearly 2.557-million bpd in May from about 2.494-million bpd a year earlier.
India was fifth with consumption at about 2.449-million bpd in May compared with 2.270-million bpd last May.
South Korea's fuel consumption rose to 2.107-million bpd from 2.046-million bpd while demand in Canada declined to 1.925-million bpd from 2.083-million bpd.
SA having troubles and Russia pumping more and more...
The consumption rose in all countries except Canada (in the report).
raulcrk on Tuesday August 29, 2006 at 9:41 AM EST
theoildrum.com |
