The United Arab Emirates could further boost its oil production capacity after 2027 if that is what markets require, its energy minister said on Thursday, signalling a move that could propel the country to the elite club of top five global oil producers.

OPEC has granted the UAE a bigger production quota this year after the country argued it was restricting its output too much after it had invested heavily to expand capacity to 4.85 million barrels per day (bpd) from 3 million.

The country targets capacity of 5 million bpd by 2027 and Energy Minister Suhail Mohamed al-Mazrouei told reporters it could rise further after 2027.

“We can go to 6 million if the market requires,” he said, adding that it was not an official target.

If such production is reached, the UAE would pump enough to cover just under 6% of global demand.

It would also become the fourth-largest oil and liquids producer in the world only behind the United States, Saudi Arabia and Russia, which can pump around 21 million, 12 million and 10-12 million respectively.

With output of 6 million bpd, the UAE would overtake 2024 oil production levels of countries such as Canada, China, Iraq and Iran.
Source: Reuters