UAE Aims for Record Oil Output as OPEC Exit Takes Hold
The UAE's decision to leave OPEC has set off an expansion push that could see oil output exceed 5 million bpd next year, according to the International Energy Agency (IEA). The move is aimed at prioritizing production capacity expansion and maximizing the value of its resources.
ADNOC, Abu Dhabi National Oil Company, has committed $55 billion to growth projects for 2026-2028. The company plans to award 200 billion dirhams ($55 billion) in projects to accelerate growth and deliver its strategy. It aims to invest $150 billion between 2026-2030.
The UAE's crude capacity has expanded from 3.1 million bpd in 2016 to nearly 4.4 million bpd by 2026, alongside roughly 1.1 million bpd of condensate and natural gas liquids capacity. The IEA forecasts the country's total oil output will reach 5.2 million barrels per day in 2027, up 730,000 bpd year-on-year.