11.03.2020, 12:39
UAE to Increase Oil Production and Production Capacities in April
Source: OREANDA-NEWS
OREANDA-NEWS. Since April, the oil company of the Emirates ADNOC will increase oil production by more than 1 million barrels per day (b/d), as well as increase production capacity to 5 million b/d, the company said in a statement.
"In accordance with our strategy, approved by the Supreme Petroleum Council, we intend to put more than 4 million b/d on the market in April. In addition, we will increase our production capacity to 5 million b/d," the company said in a statement. which is within 3 million b/d. The company will also announce “clear and transparent oil prices” for its customers in the near future.
Last week, the parties failed to agree on a reduction in production after April 1, 2020. A market adjustment was required due to lower oil consumption in Asia amid an outbreak of coronavirus.
"In accordance with our strategy, approved by the Supreme Petroleum Council, we intend to put more than 4 million b/d on the market in April. In addition, we will increase our production capacity to 5 million b/d," the company said in a statement. which is within 3 million b/d. The company will also announce “clear and transparent oil prices” for its customers in the near future.
Last week, the parties failed to agree on a reduction in production after April 1, 2020. A market adjustment was required due to lower oil consumption in Asia amid an outbreak of coronavirus.
Комментарии