Gulf oil producers delay field maintenance to maintain output

OPEC members Saudi Arabia, United Arab Emirates and Qatar are delaying non-essential field maintenance work scheduled for the fourth quarter of this year to 2016 in an effort to keep production high amid low prices, Reuters reported, citing unnamed industry sources.

Oil companies are trying to benefit from higher margins now as they expect oil prices to drop next year when Iran returns to the market, the sources said, adding that delays also fall in line with Gulf countries’ plans to curb spending.

State oil firms Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) were said to maintain current output levels in the fourth quarter.

In September, Saudi Arabia pumped 10.225 million barrels per day (bpd), while the UAE’s output amounted to three million bpd, according to OPEC data.  Qatar's production reached 663,000 bpd during the month.