Reuters reported that the UAE produced 2.52 million barrels per day of oil in January down slightly from 2.6 million in December.

An industry source familiar with the matter said that demand still remains strong from Asia which kept production almost steady in January. The production is expected to pick up to 2.6 million barrels per day again in February.

Traders have so far not identified any new orders from European countries from the UAE as the West prepares to ban Iranian crude imports. Like other Gulf OPEC members, the UAE has promised Asian customers it will meet any increase demand however with a capacity of around 2.7 million barrels per day the UAE is already nearing its capacity limit.

(Sourced from Reuters)