UAE Also Increases Production by '1 Million Barrels per Day'... Intensifying Oil Price War

[Asia Economy Reporter Kum Boryeong] The United Arab Emirates (UAE) has declared that it will increase oil production starting next month, intensifying the 'oil price war.'

Sultan Ahmed Al Jaber, CEO of the UAE state-owned oil company ADNOC, announced on the 11th (local time) that daily oil production will be increased to 4 million barrels from April.

The UAE is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC). According to the monthly report published by OPEC in February, the UAE's oil production was 3.03 million barrels per day as of January.

CEO Al Jaber said, "We are increasing production to secure a firm position in the current crude oil market," adding, "We will accelerate plans to raise daily production to 5 million barrels."

Earlier, Saudi Arabia announced that it would increase daily oil production to 12.3 million barrels from April, which is 27% more than in February.

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