Abu Dhabi National Oil Company (ADNOC) has announced that it will boost supply to more than four million bpd in April, following the collapse in the OPEC+ agreement
Sultan Ahmed Al Jaber, ADNOC Group CEO, comments on recent market developments: “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. In addition, we will accelerate our planned 5 MMBPD capacity target.
“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. This will be traded on a new independent exchange, ICE Futures Abu Dhabi (IFAD), which is expected to launch after the necessary regulatory approvals are obtained.
“As planned, we remain committed to creating and maximising value from across our portfolio, while we advance our smart growth strategy.”
