UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber has commented on recent market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April 2020.
In a statement, Dr. Al Jaber said, "Today, as a result of the steps we’ve taken over the last four years, ADNOC is far stronger and better positioned to respond to current market conditions. Our focus on driving performance, profitability and efficiency has made us more resilient, agile and responsive to market dynamics. These guiding principles remain unchanged as we move forward with projects across our value chain."
"In line with our production capacity growth strategy announced by the Supreme Petroleum Council, we are in a position to supply the market with over four million barrels of oil per day (mmbpd) in April. In addition, we will accelerate our planned five mmbpd capacity target," he affirmed.
"In response to market conditions," Dr. Al Jaber continued, "and to provide better forward visibility to our customers, ADNOC will shortly announce forward prices for the months of March and April 2020. This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly."
"As announced in November 2019, ADNOC remains firmly committed to moving from its current retroactive pricing mechanism to a new forward pricing mechanism for its flagship Murban crude oil. This will be traded on a new independent exchange, ICE Futures Abu Dhabi, which is expected to launch after the necessary regulatory approvals are obtained," he added.
Dr. Al Jaber concluded, "As planned, we remain committed to creating and maximising value from across our portfolio, while we advance our smart growth strategy."
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