The UAE is ramping up oil production, which reached 3.8 million barrels per day in June — the highest level in over six years — following its exit from OPEC:
Energy Minister Suhail Al Mazrouei noted that the country's investments in upstream capacity require maximizing returns:
ADNOC, which has spent tens of billions to expand production capacity to 5 million barrels per day, now has one of the world's largest sources of immediately available production:
The increase in production comes as Brent crude prices have fallen below $72 a barrel:
ADNOC has also adjusted its marketing strategy to support the production increase:
