Oil Cost War Intensifies As OPEC’s No. 3 Boosts Production

OPEC’s third greatest manufacturer, the United Arab Emirates (UAE), is going into the oil price war as it has ordered its nationwide oil producer to improve supply to the market to over 4 million bpd

OPEC’s 3rd greatest manufacturer, the United Arab Emirates (UAE), is going into the oil cost war as the Abu Dhabi National Oil Company (ADNOC) said on Wednesday it was placed to increase its supply to the market to over 4 million bpd in April, one million bpd greater than present production.

The 1-million-bpd supply increase from the UAE in April adds to the 2.6 million bpd which Saudi Arabia guaranteed to unleash on the oil market next month, resulting in a total increase of 3.6 million bpd in worldwide oil supply from OPEC’s heavyweights at a time of depressed oil demand due to the coronavirus break out and at a time of crashing oil costs, following the abrupt end to the OPEC deal last week.

The promises of OPEC’s heavyweights to flood the market with oil were satisfied by a Russian response that Moscow can raise its oil production by 200,000 bpd to 300,000 bpd in the short term, with a potential for up to a total increase of 500,000 bpd, as Russia likewise digs in for an oil price/market share war.

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