ADNOC to raise oil supply by 1 million bpd

Dubai

Abu Dhabi National Oil Company (ADNOC) said on Wednesday that it was ready to boost its oil supplies by around 1 million barrels per day amid a price war.
“In line with our production capacity growth strategy ... we are in a position to supply the market with over four million barrels per day in April,” Sultan Ahmed Al-Jaber, ADNOC’s group chief executive, said, as reported by WAM state news agency.

“In addition, we will accelerate our planned five million bpd (output) capacity target,” the statement said.

“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.”
“As announced in November 2019, ADNOC remains firmly committed to moving from its current retroactive pricing mechanism to a new forward pricing mechanism for its flagship Murban crude oil,” ADNOC said.
ADNOC has cut the price for its flagship Murban crude by $11.70 per barrel to $56.10 per barrel for February, the company said in an earlier note to its customers.