UAE likely to hit oil capacity target one year early
The higher capacity will be a potential source of tension as OPEC+ debates new production quotas later this year
An Abu Dhabi National Oil Company (ADNOC) fuel station sign in the UAE. (Photo: Getty Images)
The UAE is likely to achieve its full oil capacity target of 5 million barrels a day more than a year earlier than expected, Bloomberg reports.
ADNOC, the state-owned oil company, is on course to reach the threshold by the end of next year or early 2026, which is ahead of the 2027 goal the company had set, according to people with knowledge of the operations.
The higher capacity will be a potential source of tension as OPEC+ debates new production quotas later this year, the news agency said.
OPEC and its partners have been restricting output for years to shore up the market and raise prices.
The UAE – which said this month that it had raised capacity from last year’s level – has been eager to use some of its spare volume, according to Bloomberg.
The country has occasionally clashed with Saudi Arabia on the issue, risking a split among the group three years ago, before a compromise was found.