BAKU, Azerbaijan, March 11
By Leman Zeynalova - Trend:
ADNOC Group, based in the United Arab Emirates (UAE), will accelerate its planned 5 MMBPD capacity target, CEO Sultan Ahmed Al Jaber said, while commenting on recent market developments, Trend reports.
International benchmark Brent crude traded at $36.09 March 11 in the morning, down over 3 percent, while US West Texas Intermediate (WTI) stood at $33.35 around 2.9 percent lower.
Oil prices have almost halved since the start of 2020 amid coronavirus outbreak and the failure of OPEC+ to reach an agreement on further extension and deeper cuts.
“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,” he said.
The CEO also noted that ADNOC will shortly announce forward prices for the months of March and April 2020.
“Today, as a result of the steps we’ve taken over the last four years, ADNOC is far stronger and better positioned to respond to current market conditions. Our focus on driving performance, profitability and efficiency has made us more resilient, agile and responsive to market dynamics. These guiding principles remain unchanged as we move forward with projects across our value chain,” he added.
ADNOC produces around 3 million barrels of oil per day, and over 9.8 billion cubic feet of raw gas per day, which places the company among the largest energy producers in the world
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