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FINANCIAL NEWS
UAE’s Adnoc to increase oil production by 2017
11 Nov 2014
(MENAFN) The UAE said that they are planning to increase their oil production to 3.5 million barrels per day to meet the increasing demand for energy by 2017, Gulf News reported.
Abu Dhabi National Oil Company (Adnoc) said that it these plans will help increasing its crude production compared to its present production oil production, which is around 2.8 million barrels per day.
These plans come despite the continuous plunge in global oil prices, which happened as a result of increased production and lack of demand.
“The ever-increasing need for sustainable energy sources must be balanced with dedication to issues of health, safety, and the ever-increasing field of eco-awareness, where the UAE continues to make great strides at an international level,” Adnoc Managing Director said.
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