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UAE Brings Forward Production Targets

OIL

The UAE is accelerating its plan to increase its oil production capacity - Abu Dhabi National Oil Co. wants to be able to produce 5 million barrels of crude a day by 2025: Bloomberg cites people familiar.

  • The UAE is aiming to cash in on its crude reserves before the world transitions to cleaner energy. Abu Dhabi National Oil Co.'s target is sooner than a previously disclosed aim of 2030.
  • Adnoc has asked international companies that are partners in its oilfields to raise their long-term production levels by 10% or more; UAE may try to boost its capacity further to 6 million barrels daily by the end of the decade if the 2025 goal is achieved according to the sources.

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