UAE boosts oil production capacity ahead of OPEC+ meeting | World Business Watch | WION
the UAE state-owned oil giant adnoc has announced an increase in its production capacity to 4.85 million barrels a day this comes just a month before a crucial OPEC meeting in June where member nations will decide on production levels for the second half of 2024 the ‘s expansion raises the possibility of them seeking a higher production qua within the organization their current quota restricts them from reaching their full capacity leaving over 1 million barrels per day untapped this underutilized potential has been a point of contention within OPEC while the UA relies heavily on oil Revenue their economy is more Diversified compared to some other member states and this could lead them to advocate for production increase to meet domestic growth targets potentially conflicting with the OPC strategy of limiting Supply to maintain high oil prices the upcoming OPEC meeting is likely to see renewed tension between the UAE and Saudi Arabia disagreements over production quotas nearly fractured the l in 2021 with the UAE pushing for a higher baseline from which Kats are calculated this ultimately led to compromise that favored the UA at the expense of several African members causing Angola to exit the group the uaa’s recent capacity increase strengthens their negotiation position however Saudi Arabia known for its cautious approach to production increase May resist their demands this could reignite past conflicts and threaten the stability of OPEC for latest news download the Von app And subscribe to our YouTube channel
The United Arab Emirates’ state-owned oil giant, ADNOC, has announced an increase in its production capacity to 4.85 million barrels per day. This comes just a month before a crucial OPEC meeting in June, where member nations will decide on production levels for the second half of 2024.
#opec #oilprice #wion
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1 Comment
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