Abu Dhabi National Oil Company (ADNOC) revealed on July 3 that it has the ability to increase oil production by several hundred thousand barrels per day (b/d), Reuters reported.
ADNOC plans to increase its output from 3.3 million b/d to 3.5 million b/d by the end of 2018.
Industry sources have reported that the UAE pumped 2.87 million b/d in June, meaning the country has the potential to produce 400,000 b/d extra if it works at maximum capacity, with the possibility of adding around 200,000 b/d more by the end of the year.
On June 23, OPEC and non-OPEC producers agreed to raise production by roughly 1 mb/d, although no specific figures were released.
The decision came 18 months after the OPEC+ agreement that enforced supply cuts of 1.8 mb/d.