ADNOC CEO.. UAE's Exit from OPEC Gives It the Power to Accelerate Investment
The CEO of Abu Dhabi National Oil Company (ADNOC), Sultan Al Jaber, stated that the UAE's unexpected exit from OPEC and the OPEC+ alliance has given it greater capacity to accelerate investments and expansion.
Al Jaber added in a statement: "This exit serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater capacity to accelerate investment, expansion, and value creation," according to Bloomberg.
ADNOC Company
ADNOC announced on Sunday its plans to accelerate growth by awarding oil projects worth AED 200 billion (US$55 billion) as part of a previously announced US$150 billion program. This announcement came on the same day as the OPEC meeting, which approved a symbolic and modest increase in production quotas for June.
The UAE's Energy Minister, Suhail Al Mazrouei, stated that the turmoil stemming from the war in the Middle East provided a timely opportunity for his country's decision to withdraw from OPEC.
ADNOC Company
ADNOC estimates the UAE's oil production capacity at 4.85 million barrels per day, a figure higher than some other estimates. The country aims to increase its production capacity to 5 million barrels per day by 2027.
Al Jaber said on Monday that withdrawing from OPEC is "part of a broader effort to reshape our economy and industrial base through a vision that links energy, technology, and industry, in line with national priorities to build a stronger and more resilient economy."
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