Abu Dhabi National Oil Company (ADNOC), a UAE state oil firm, is ready to increase its oil supply by one million barrels per day, according to a statement from the company.
“In line with our production capacity growth strategy announced by the Supreme Petroleum Council, we are in a position to supply the market with over 4 MMBPD in April. In addition, we will accelerate our planned 5 MMBPD capacity target,” said ADNOC Group CEO Dr. Sultan Ahmed Al Jaber in the statement.
“In response to market conditions, and to provide better forward visibility to our customers, ADNOC will shortly announce forward prices for the months of March and April 2020. This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly,” he added.
Following the breakdown of talks on Friday between OPEC members and Russia on securing a further output cut of 1.5 million barrels per day, observers have begun to fear a price war in the oil market.
Futures prices of Brent crude fell over 25 percent to around $33 per barrel in Monday morning trading, while North America’s WTI crude dropped to around $29 per barrel in the worst day of trading for both futures contracts since 1991. Prices have since recovered around 10 percent.
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