UAE is planning to boost its oil output capacity to 3.5 million barrels per day (bpd) from the current 2.7 million, by early next decade, said UAE energy minister Mohammad bin dhaen Al-Hamili Wednesday.

UAE is currently producing more than 2.7 million barrels of crude oil and has also plans to increase refining capacity to 1.1 million bpd from 600,000 bpd said Al-Hamili, according to WAM.

UAE has one of the largest proven oil and gas reserves in the world. It has 98.1 billion barrels of oil, approximately 8.1 per cent of global reserves. Its gas reserves are estimated at 6 trillion cubic meters.