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ADNOC: We can increase oil production by hundreds of thousands of barrels per day
ABU DHABI - Abu Dhabi National Oil Company (ADNOC) said on Tuesday it could increase oil production by hundreds of thousands of barrels per day if necessary to ease any potential shortage of supply on the global market.
The company said in a statement it was on track to increase its production capacity to 3.5 million barrels per day by the end of 2018 from about 3.3 million barrels per day at the moment.
Earlier this week, US President Donald Trump slammed Opec on the need to stop manipulating oil markets and stepped up pressure on Saudi Arabia, a US ally, to increase supplies to compensate for a drop in exports from Iran.
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