Gulf News reported that the official selling price of crude oil grades produced by the Abu Dhabi National Oil Company averaged USD 106.62 per barrel during the first 6 months of 2011 up 37.95% over the corresponding period a year earlier as an accelerated global economic recovery boosted oil prices on increased demand.

In January to June 2010, the average official selling price of Abu Dhabi's crude oil grades was USD 77.95 per barrel. In June, the average official selling price of Adnoc crude oil grades jumped to USD 110.9 per barrel from USD 74.11 per barrel during the same month a year earlier. In June, the official selling price of Adnoc's Murban crude was USD 112.15 while the Lower Zakum crude sold at USD 111.95 per barrel. Umm Shaif grade's selling price was USD 111.55 per barrel while Upper Zakum's price was USD 107.95 per barrel.

A Platts survey of OPEC and oil industry officials and analysts showed that the 12 member Organization of the Petroleum Exporting Countries pumped an average 29.57 million barrels per day of crude oil in June an increase of 530,000 barrels per day as Saudi Arabia, Kuwait and the UAE boosted production. In May, OPEC production was 29.04 million barrels per day.

Latest figures from the Paris based International Energy Agency showed that the UAE's oil production increased by 80,000 barrels per day in June to 2.6 million barrels per day from 2.42 million barrels per day in May. The UAE's sustainable oil production capacity is set to increase to 2.74 million barrels per day by the end of 2011 from an estimated 2.69 million barrels per day. Adnoc produces more than 90% of the UAE's crude oil output.

It said that the UAE's capacity expected to increase by around 175,000 barrels per day to 2.92 million barrels per day from third quarter 2011 to Q4 2012. The Emirates is slated to bring online five different expansion projects with nameplate capacity of 420,000 barrels per day over the 2011 to 2012 period. The IEA advises 28 industrialized nations on energy policy.

Meanwhile a global energy information provider in the afternoon European trading, crude oil futures remained higher with the market shaking off some weak macroeconomic data from Europe and China and instead showing its approval for a US debt deal expected to be voted later in the day. At 1200 GMT, September ICE Brent traded USD 1.80 higher at 118.54 per barrel while September NYMEX crude was up USD 1.13 at USD 96.83 per barrel.

(Sourced from Gulf News)