UAE: Oil Demand Adnoc Capable of Supplying over 4 Mmbpd to the Global Market
Adnoc has released a statement which mentions that the company is better positioned to respond to the current market conditions and that it can supply the global market with the additional supply of oil in April.
Abu Dhabi/UAE – Adnoc Group CEO, H.E. Dr. Sultan Ahmed Al Jaber comments on recent market developments: “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.
“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, the company 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, the firm 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, 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.”