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UAE ready to boost oil production if market demand arises

United Arab Emirates' energy minister stated on Thursday that the country could increase its oil production after 2027, if the market demands it. This move could push the country into the top five oil producing countries in the world.

OPEC granted the UAE a larger production quota for this year. The country argued that it was restricting too much its output after investing heavily to increase capacity from 3 million barrels to 4,85 million.

Suhail Mohamed al-Mazrouei, Energy Minister of the country, told reporters that capacity could increase further after 2027.

He said that if the market demanded it, they could go up to 6 million. However, this was not an officially set target.

The UAE could cover just under 6 percent of the global demand if they were to reach this level.

It will also be the fourth largest oil and liquids producer on the planet, only behind the United States of America, Saudi Arabia, and Russia. These countries can produce around 21 million barrels, 12 millions, and 10-12million respectively.

The UAE will surpass the oil production of Canada, China and Iraq in 2024 with a 6 million barrel per day output. (Reporting and writing by OPEC Newsroom, Dmitry Zhdannikov, editing by Mark Heinrich & Tomaszjanowski)

(source: Reuters)