UAE accelerates plan to increase oil production capacity

MOSCOW, 19 Sep — PRIME. The United Arab Emirates has accelerated a plan to increase oil production capacity, sources told Bloomberg.

“The United Arab Emirates has accelerated a plan to increase its oil production capacity as it attempts to profit from its oil reserves before the world switches to cleaner energy,” the sources told the agency.

The Abu Dhabi National Oil Co., which pumps nearly all of the UAE’s oil, wants to produce 5 million barrels a day by 2025, not 2030 as previously announced, they said.

The new target would be elusive and could increase the cost of a project that should have cost billions of dollars, the sources said.

The state-owned company Adnoc has asked international companies that are partners in its fields to increase production levels by 10% or more in the long term, the sources said. At the same time, it is noted that the UAE, if the goal is achieved by 2025, may try to increase its capacity to 6 million barrels per day by the end of the decade.

Last month, the UAE’s daily oil production stood at just under 3.4 million barrels, according to data compiled by the agency.