The state-owned Abu Dhabi National Oil Company (ADNOC) said on Saturday that it would continue increasing its production capacity to secure supply of energy products to customers against the background of the challenging situation at the global oil market
MOSCOW (Pakistan Point News / Sputnik - 04th April, 2020) The state-owned Abu Dhabi National Oil Company (ADNOC) said on Saturday that it would continue increasing its production capacity to secure supply of energy products to customers against the background of the challenging situation at the global oil market.
"ADNOC will continue to deliver on its 2030 smart growth strategy, including its value maximization intiatives, as it drives profitability and sustainable returns for the UAE. ADNOC's strategic objective is to be among the lowest-cost producers and lowest-carbon emitters as part of its 2030 strategy. ADNOC remains committed to its targets in production capacity growth in order to ensure a stable and reliable supply of energy products to its global customers," the company said in a statement.
The statement also underlined that the company was resilient enough to "respond to current market dynamics, including reduced demand and low oil prices."
Global oil prices began to fall in January amid the coronavirus pandemic in China. The spread of the disease across the globe and the breakup of the OPEC+ oil output cut deal in early March led to a huge oil market surplus, sending prices to their lowest points in the past two decades.
