- The UAE is speeding up plans to increase its oil production capacity to capitalize on its crude reserves before the worldwide transition to cleaner fuels. Abu Dhabi National Oil Co (ADNOC) aims to produce 5 million barrels per day by 2025, five years earlier than its original stated goal of 2030.
The new target poses a challenge for the country, but allows them to sell more oil and natural gas while prices are high. Following Russia's invasion of Ukraine, the price of oil reached $120 per barrel. The price fell after June to around $90 per barrel, but it remains much higher than the cost of producing oil in the UAE.
Adnoc has requested international companies that are partners in its oilfields to raise their long-term production levels by 10% or more. The UAE hopes to bring its capacity up to 6 million barrels per day by the end of the decade if it succeeds in reaching its 2025 goal, according to industry sources.