16:57 GMT +314 November 2018
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    Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan

    UAE Plans to Increase Oil Production to 5Mln Barrels Per Day - Crown Prince

    © AFP 2018 / Karim Sahib
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    DUBAI (Sputnik) - The United Arab Emirates (UAE) is seeking to increase its oil output by 5 million barrels per day by 2030, Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed al-Nahyan has stated.

    "With the blessing of HH Sheikh Khalifa, the Supreme Petroleum Council approved AED 486 billion [$132bln] in capex to support ADNOC’s [Abu Dhabi National Oil Company's] 5-year growth plans, including its gas strategy to become self-sufficient & a net gas exporter. ADNOC will increase oil production capacity to 5mpbd by 2030," the crown prince said on Twitter.

    READ MORE: Oil Market in Good Condition, Inventories Drawdown Stopped — UAE Energy Minister

    In September, United Arab Emirates (UAE) Energy Minister Suhail Mazrouei positively evaluated the situation on the oil market, noting an increase in production.

    Meanwhile, the UAE-based International Pipeline Construction (IPC) was sanctioned earlier for being owned or controlled by another company already under sanctions, Hesco Engineering.

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    Tags:
    Oil, oil prices, United Arab Emirates
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