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    Saturday, May 4, 2024

    Abu Dhabi's ADNOC Raises Output Capacity to 4.85m bpd

    Abu Dhabi oil giant ADNOC's production capacity has reached 4.85 million barrels per day (bpd), it said in a post on its website, up from the 4.65 million bpd it reported at the end of last year.

    The announcement comes just ahead of a June 1 meeting in Vienna of the OPEC+ alliance, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, and of which the UAE is a key member.

    The United Arab Emirates has plans to raise its production capacity to 5 million bpd by 2027 and has long lobbied to raise its output within the OPEC+ agreements.

    The OPEC producer has seen its target production figure increase in the past year, and it could rise further as it is one of a few countries working to boost production capacity. Its target output within the OPEC+ agreement of 3.219 million bpd covers only two thirds of its actual capacity.

    Production target discussions can get very divisive within the group, and at the end of last year, Angola exited the alliance shortly after being granted a smaller production target.

    At its meeting in June, OPEC+ tasked three independent consultancies - IHS, Wood Mackenzie and Rystad Energy - to assess the production capacities of all member countries by the end of June this year. Those assessments will be used to reference production levels from 2025, the group said at the time. -Reuters

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