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Tue 3 Jul 2018 02:19 PM

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Abu Dhabi's ADNOC reveals potential to increase oil production

State-owned energy giant says it remains on track to increase its production capacity to 3.5 million bpd by the end of 2018

Abu Dhabi's ADNOC reveals potential to increase oil production

Abu Dhabi National Oil Company (ADNOC) has announced that it has the capability to increase oil production by several hundred barrels a day.

The state-owned energy giant confirmed that it currently has an oil production capacity of around 3.3 million bpd, and remains on track to increase its production capacity to 3.5 million bpd by the end of 2018.

ADNOC said in a statement that it can increase oil production significantly "should this be required to help alleviate any potential supply shortage in the market".

The company said that, working in close cooperation with the UAE Ministry of Energy and Industry, it stands ready to increase its production in alignment and coordination with OPEC and the OPEC and non-OPEC Joint Ministerial Monitoring Committee.

The announcement comes just days after US President Donald Trump said that Saudi Arabia's King Salman had agreed to his request to ramp up oil production, a week after OPEC already announced an output rise.

The official Saudi Press Agency confirmed a phone call between the two leaders about oil, but mentioned no specifics.

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