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ADNOC Says to Supply Market With More Than 4 Million bpd

ADNOC Says to Supply Market With More Than 4 Million bpd
    Asharq Al-Awsat
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ADNOC Says to Supply Market With More Than 4 Million bpd

ADNOC Says to Supply Market With More Than 4 Million bpd

State-owned Abu Dhabi National Oil Company (ADNOC) has announced that it can boost supply to more than 4 million barrels per day in April, in response to market needs.

“In line with our production capacity growth strategy announced by the Supreme Petroleum Council, we are in a position to supply the market with over 4 million bpd in April. In addition, we will accelerate our planned 5 million bpd capacity target,” ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber said in a statement.

“In response to market conditions, and to provide better forward visibility to our customers, ADNOC will shortly announce forward prices for the months of March and April 2020. This decision has been made to ensure that our customers have visibility of the price so they can plan accordingly,” he said.

He concluded: “As planned, we remain committed to creating and maximizing value from across our portfolio, while we advance our smart growth strategy.”

ADNOC’s announcement comes after Saudi Aramco said on Wednesday that it will be raising capacity to 13 million bpd from 12 million bpd.

“The company is exerting its maximum efforts to implement this directive as soon as possible,” said CEO Amin Nasser.

On Wednesday, UAE Minister of Energy Suhail al-Mazrouei said he was disappointed that no agreement was reached by OPEC+ and that the current deal will expire at the end of March

This came following the collapse of a deal between the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, to limit oil output and support oil prices.

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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.