Abu Dhabi National Oil Company (ADNOC) will increase oil production by over 1 million barrels per day (MMBPD), Report informs, referring to the company's website.
"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," the company said.
ADNOC's current production stands at 3 MMBPD.
"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," reads the message. "This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly."