Abu Dhabi plans big oil output boost to join the price war
Adnoc is also accelerating plans to boost output to 5 million barrels a day
Image Credit: Adnoc Group/ Instagram
Dubai: Abu Dhabi National Oil Co. will boost crude supply to customers to more than 4 million barrels a day in April as Opec’s third-biggest producer joins an oil supply battle sparked by Saudi Arabia and Russia.
Adnoc is also accelerating plans to boost output to 5 million barrels a day, the company said in a statement.
Supplying that much crude to the market would mean adding more than 1 million barrels a day to what the United Arab Emirates pumped in February, according to Bloomberg data.