United Arab Emirates to raise oil production
Abu Dhabi, United Arab Emirates
The United Arab Emirates will raise its oil production to 1.6 million barrels a day, following OPEC's failure to agree on production quotas, according to its oil minister, Mani Said Utayba.
He said the UAE oil-pricing and production policy would be determined in collaboration with other Gulf states to serve the best interests of its people. The UAE has in recent months been producing around 1.2 million barrels a day, compared with a quota of 1 million authorized under a lapsed OPEC production accord agreed upon last March.