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UAE Accelerates Plan to Increase Its Oil Production Capacity

  • Adnoc wants to be able to pump 5 million barrels daily by 2025
  • UAE aims to cash in on oil reserves before energy transition
Bloomberg business news
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The United Arab Emirates is accelerating a plan to raise its oil production capacity, according to people familiar with the matter, as it tries to cash in on its crude reserves before the world transitions to cleaner energy.

Abu Dhabi National Oil Co., which pumps almost all the UAE’s oil, wants to be able to produce 5 million barrels a day by 2025, according to the people. That’s sooner than a previously disclosed aim of 2030.