Abu Dhabi Plans Big Oil Output Boost to Join the Price War
- Company speeds up earlier plan for that capacity by end-2020
- U.A.E. soon to issue forward pricing for March, April sales
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Abu Dhabi National Oil Co. will boost crude supply to more than 4 million barrels a day next month as the United Arab Emirates joins a battle for market share triggered by Saudi Arabia and Russia.
To pump this amount, Adnoc would need to add more than 1 million barrels a day to the quantity that the U.A.E. produced in February, according to data compiled by Bloomberg. While the target for April is higher than what the International Energy Agency estimates the country has the capacity to produce, Energy Minister Suhail Al Mazrouei said his country can achieve it.