EnergyWatch

UAE to accelerate plans to increase oil output

Pursuing the highest possible profits prior to the transition to renewable energy is the reason behind the UAE’s decision to increase oil output.

Sunset in Abu Dhabi. The UAE aims to profit as much as possible from the high oil prices. | Photo: Jan Sommer

State-owned oil company of the United Arab Emirates Abu Dhabi National Oil is now aiming for an output of 5 million barrels of crude per day in 2025 rather than seeking to reach the target in 2030, insider sources tell Bloomberg News.

The goal is for the UAE to profit from the high prices while they remain so before the world transition to greener forms of energy.

Oil prices have soared since Russia’s invasion of Ukraine. In July, prices averaged USD 90 per barrel, which far exceeds the UAE’s production costs.

Sources say the accelerated target could be difficult to meet and increase expenses for a project already set to cost billions of dollars.

Germany pursuing gas deal with UAE

UAE oil company to assist Germany in meeting hydrogen targets

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

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