The United Arab Emirates is reportedly accelerating a plan to raise its oil production capacity as it tries to cash in on its crude reserves before the world transitions to cleaner energy. Adnoc wants to be able to produce 5mn barrels a day by 2025, sooner than a previously disclosed aim of 2030. Adnoc has asked international companies that are partners in its oilfields to raise their long-term production levels by 10% or more. If the UAE is successful in reaching the 2025 goal, it may try to boost its capacity further to 6mn barrels daily by the end of the decade.
- UAE said to accelerate plan to increase its oil production capacity