UAE Says Ready to Raise Oil Supply by 1 Million Barrels Per Day as Price War with Russia Simmers

Saudi Arabia announced plans on Tuesday to raise its production to 12.3 million BPD, effectively increasing its supplies by 2.5 million BPD and escalating its price war with Russia. The UAE currently pumps around three million BPD but it has earmarked more than $132 billion in investments to raise its output capacity to 4.0 million BPD this year and to 5.0 million BPD in a decade’s time.

ADNOC said it would also follow Saudi Arabia by announcing new prices for March and April deliveries. “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,” it said. “This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly.”