Adnoc Boosts Crude Output After UAE's OPEC Exit
Abu Dhabi National Oil Co., d/b/a Adnoc, increased crude production to more than 3.8 million barrels per day in June after the country exited the Organization of the Petroleum Exporting Countries, or OPEC, and OPEC+ on May 1 to move away from production limits, Reuters reported Monday, citing two sources familiar with production data. The production rebound comes as oil market focus moves away from fears of supply disruptions during the US-Israeli conflict with Iran to concerns over excess supply, the report said. The state-owned oil producer has been offering crude through tenders at discounted prices, while other Gulf producers, including Saudi Arabia, Kuwait, and Iraq, remain below pre-conflict output or export levels, the report added. Adnoc did not immediately respond to a request for comment.
Abu Dhabi National Oil Co., d/b/a Adnoc, increased crude production to more than 3.8 million barrels per day in June after the country exited the Organization of the Petroleum Exporting Countries, or OPEC, and OPEC+ on May 1 to move away from production limits, Reuters reported Monday, citing two sources familiar with production data. The production rebound comes as oil market focus moves away from fears of supply disruptions during the US-Israeli conflict with Iran to concerns over excess supply, the report said.
The state-owned oil producer has been offering crude through tenders at discounted prices, while other Gulf producers, including Saudi Arabia, Kuwait, and Iraq, remain below pre-conflict output or export levels, the report added. Adnoc did not immediately respond to a request for comment.