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ADNOC Says It Has The Ability To Increase Oil Production

- Jul 05, 2018 -

Abu Dhabi National Oil Company (ADNOC) said on July 3 that if needed, the company has the ability to increase oil production by hundreds of thousands of barrels per day to alleviate potential supply shortages in the global market.

Abu Dhabi National Oil Company said in a statement that Abu Dhabi National Oil Company is still expected to increase its daily production from the current 3.3 million barrels to 3.5 million barrels by the end of 2018.

Earlier this week, US President Trump slammed OPEC, warning him to stop manipulating the oil market and pressured US ally, Saudi Arabia, to increase supply to compensate for the decline in Iranian exports.