Abu Dhabi plans USD 122bn in oil spending to boost output

The Emirati oil giant plans to boost its CapEx spending to increase productivity in a move that seems at odds with its OPEC+ output cap commitments.

Photo: Giuseppe Cacace/AFP/Ritzau Scanpix

By Anthony Di Paola, Bloomberg News

The United Arab Emirates’ biggest oil producer is boosting investment to make good on pledges to increase output capacity, even as it struggles against OPEC+ restrictions on supply.

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