Gulf News reported that the UAE's average oil output rose 2.38% in December to 2.58 million barrels per day from a month earlier.

International Energy Agency said that OPEC crude oil supply rose by 240,000 barrels per day to an average of 30.89 million barrels per day in December. The rapid recovery in supplies from Libya and to a lesser extent increases from Saudi Arabia and the UAE, combined to push year end output to the highest level in more than three years.

Production in the UAE rose by 60,000 barrels per day to 2.58 million barrels per day last month. The country's oil output stood at 2.52 million barrels per day in November last year.

The IEA said that the higher output levels are behind a decline in OPEC's effective spare capacity to 2.85 million barrels per day from 3.18 million barrels per day in November. Saudi Arabia accounts for 75 barrels per day of effective spare capacity at 2.15 million barrels per day.

(Sourced from Gulf News)