Al Suwaidi ... oil capacity increase
UAE to complete oil capacity boost in 3 years
ABU DHABI, November 9, 2015
The United Arab Emirates will raise its oil production capacity to 3.5 million barrels per day within the next two to three years, the head of the national company Adnoc Abdullah Nasser Al Suwaidi said.
Meanwhile, Suhail Al Mazrouei, Minister of Energy, UAE, said global oil prices will start an upward correction in 2016 as the markets have began to rebalance.
He added the UAE as part of the Opec producing nations could not afford losing market share by cutting back on supply, suggesting continued support for the Opec strategy to fight for market share through high output and lower prices.
Mazrouei also said low oil prices would not force the country to reduce its investment plans as it pushes ahead to expand production capacity to 3.5 million barrels per day. -- Reuters
