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UAE's ADNOC pushes crude output to record high as OPEC+ prepares to meet: source

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UAE's ADNOC pushes crude output to record high as OPEC+ prepares to meet: source

  • Author
  • Herman Wang
  • Editor
  • Jonathan Dart
  • Commodity
  • Oil

London — The UAE's Abu Dhabi National Oil Co. ramped up its crude oil production to 4.03 million b/d on April 1, an industry source told S&P Global Platts on Friday, joining a market-share battle in the wake of the OPEC+ alliance's failure to agree on output cuts last month.

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ADNOC's crude production averaged an all-time high of 3.52 million b/d over March, the source said, a significant rise from the UAE's self-reported February output figure of 2.99 million b/d.

ADNOC pumps the vast majority of the UAE's crude.

Its CEO, Sultan al-Jaber, said March 11 that the company would be "in a position to supply the market with over 4 million b/d in April," adding that it was accelerating plans to hit its 5 million b/d production capacity target, originally scheduled to be reached by 2030.

ADNOC may soon fall again under OPEC+ production quotas, however, as Saudi Arabia has called for the coalition to hold an extraordinary meeting Monday via webinar to negotiate new supply curbs to stem the oil-price slide caused by the coronavirus pandemic.The UAE's quota under the previous deal that expired March 31 was 3.01 million b/d.