UAE Raises Oil Capacity Number a Month Before OPEC Meets
- Adnoc boosts output capacity to 4.85 million barrels a day
- UAE has previously lobbied for a higher production baseline
Processing tanks at the Ruwais refinery and petrochemical complex in Al Ruwais, United Arab Emirates.
Photographer: Christophe Viseux/BloombergThis article is for subscribers only.
The United Arab Emirates’s main oil company said it had bolstered its production capacity, a month before the country meets with fellow OPEC+ nations to decide output levels for the second half of 2024.
Abu Dhabi National Oil Co. is able to pump 4.85 million barrels a day, according to its website, up from 4.65 million a day at the end of last year. The expansion also illustrates a theme that has gripped the Organization of Petroleum Exporting Countries for years and could impact its meeting next month: that while the group is withholding oil supplies, a key member is eager to use them.