The UAE national oil company said on Wednesday it was ready to boost its oil supplies by around one million barrels per day as a price war with Russia simmers.
“In line with our production capacity growth strategy ... We are in a position to supply the market with over four million barrels per day in April,” Abu Dhabi National Oil Co. said.
“In addition, we will accelerate our planned five million bpd (output) capacity target,” the state-owned firm said.
The UAE’ move mirrors that of Gulf ally Saudi Arabia in flooding the markets with millions of barrels of oil to secure market share after a production cut agreement with non-OPEC producers led by Russia flopped on Friday.