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    Monday, August 20, 2007

    Gulf state to suspend 25 percent of oil production

    ABU DHABI — The United Arab Emirates plans to reduce crude oil production by up to 25 percent within weeks.

    The reports of a UAE oil slowdown — not yet confirmed by the government — have driven up the price of Abu Dhabi crude to its highest levels in eight months.

    Industry sources said the UAE was planning major maintenance on oil facilities in October 2007. The sources said this could result in a halt of up to 810,000 barrels per day, or 25 percent of total oil production. The UAE produces 2.54 million barrels of oil per day.

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    The maintenance was expected to suspend operations in the Upper Zakum and Lower Zakum fields. The sources said Umm Shaif field would lose around 180,000 barrels per day.

    The sources said the maintenance program would take several weeks.

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