State-owned Abu Dhabi National Oil Company (ADNOC) has announced that it can boost supply to more than 4 million barrels per day in April, in response to market needs.
“In line with our production capacity growth strategy announced by the Supreme Petroleum Council, we are in a position to supply the market with over 4 million bpd in April. In addition, we will accelerate our planned 5 million bpd capacity target,” ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber said in a statement.
“In response to market conditions, and to provide better forward visibility to our customers, ADNOC will shortly announce forward prices for the months of March and April 2020. This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly,” he said.
He concluded: “As planned, we remain committed to creating and maximizing value from across our portfolio, while we advance our smart growth strategy.”
ADNOC’s announcement comes after Saudi Aramco said on Wednesday that it will be raising capacity to 13 million bpd from 12 million bpd.
“The company is exerting its maximum efforts to implement this directive as soon as possible,” said CEO Amin Nasser.
On Wednesday, UAE Minister of Energy Suhail al-Mazrouei said he was disappointed that no agreement was reached by OPEC+ and that the current deal will expire at the end of March
This came following the collapse of a deal between the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, to limit oil output and support oil prices.
