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, 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, 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.