July 3, 2018 / 6:06 AM / 4 months ago

UAE's ADNOC says has ability to raise oil output several hundred thousand bpd

FILE PHOTO: Cars are seen an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017. REUTERS/Stringer/File Photo

DUBAI (Reuters) - Abu Dhabi National Oil Co (ADNOC) said on Tuesday it has the ability to increase oil production by several hundred thousand barrels per day if that is required to alleviate any potential supply shortage in the global market.

ADNOC remains on track to increase its production capacity to 3.5 million bpd per day by the end of 2018 from around 3.3 million bpd currently, it said in a statement.

Earlier this week, U.S. President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

Reporting by Rania El Gamal; Writing by Saeed Azhar; Editing by Andrew Torchia

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below