UAE Plans to Increase Oil Production

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The United Arab Emirates (UAE) is seeking to increase its oil output by 5 million barrels per day by 2030. Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed al-Nahyan has stated.

`With the blessing of HH Sheikh Khalifa. the Supreme Petroleum Council approved AED 486 billion [$132bln] in capex to support ADNOC’s [Abu Dhabi National Oil Company`s] 5-year growth plans. including its gas strategy to become self-sufficient &amp. a net gas exporter. ADNOC will increase oil production capacity to 5mpbd by 2030.` the crown prince said on Twitter.

In September. United Arab Emirates (UAE) Energy Minister Suhail Mazrouei positively evaluated the situation on the oil market. noting an increase in production.