Commodities
UAE Set to Hit Oil Capacity Target Year Earlier Than It Forecast
- Adnoc’s 5 million barrels a day capacity goal likely in 2025
- OPEC+ will review members’ capacity levels this year
An oil pipeline control head on display outside the entrance to the Abu Dhabi National Oil Company (ADNOC) headquarters in Abu Dhabi.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
The United Arab Emirates is on course to achieve its full oil capacity target more than a year earlier than expected.
Abu Dhabi National Oil Co. is likely to reach its 5 million barrel-a-day goal by the end of next year or early 2026, ahead of the 2027 goal the company had set, according to people with knowledge of the operations. The higher capacity will be a potential source of tension as the Organization of Petroleum Exporting Countries and its allies deliberates new production quotas later this year.