Abu Dhabi National Oil Co. said crude oil prices may fall this year due to lower demand and a rise in global oil stocks.
Abu Dhabi National Oil Co. said crude oil prices may fall this year due
to lower demand and a rise in global oil stocks.
"At a time global oil inventories appear to be ample, experts believe that
geopolitical tensions and tightening sanctions against
Iran
have
contributed in creating an unclear picture of price direction while oil prices
have maintained levels above $100 a barrel for benchmark Brent crude,"
Adnoc said in a statement.
But "there is now concern that prices may fall in 2013," the
state-run company added.
Abu Dhabi
is home to more than 90% of
crude in the
United Arab Emirates
,
which produces around 2.6 million barrels per day. The Gulf state, a member of
the Organization of the Petroleum Exporting Countries, plans to raise its oil
production capacity to 3 million barrels a day, from the current 2.8 million,
during the current year, the country's oil minister Mohammad Al-Hamli said in
January.
OPEC decided to keep its oil-production ceiling unchanged in December but gave
no indication of whether it would do anything to reduce excess production. The
cartel is producing about 1 million barrels a day more than it expects the
world will need from it this year.
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