00:05 GMT +322 November 2019
Listen Live
    In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump

    Abu Dhabi Oil Company to Boost Oil Production till 3.5Mln Barrels Daily by 2018

    © AP Photo / Hasan Jamali, File
    Business
    Get short URL
    116
    Subscribe

    Abu Dhabi National Oil Company’s would increase oil production up to 3.5 million barrels per day (bpd) by 2018, media reported on Wednesday.

    MOSCOW (Sputnik) — According to The National, the company’s strategy set out through to 2030 also included plans to increase petrochemicals and fertilizer output, as well as to more than double petrol production.

    On Tuesday, the Supreme Petroleum Council, UAE's oil industry decision-making body, approved ADNOC’s five-year business plan and budget.

    The current level of ADNOC’s oil production is 3.15 barrels per day.

    ADNOC company has been operating since 1971 and remains one the largest oil producers in the world.

    Related:

    Prices Above $50 to 'Stimulate' US Shale Oil Production – Rosneft CEO
    Baku Ready to Unilaterally Stop Increasing Oil Production
    OPEC President Calls for Oil Producing States Contacts Intensification
    Oil Production Freeze Remains Russia's Main Option to Stabilize Market
    Control Mechanism Needed to Monitor OPEC Oil Production Deal
    Putin Says Russia Ready to Freeze Oil Production Together With OPEC
    Tags:
    oil production, UAE, Abu Dhabi
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik