Home Industry Energy Abu Dhabi’s ADNOC says oil production capacity hits 4.85 million bpd The announcement comes just ahead of a June 1 meeting in Vienna of the OPEC+ alliance by Reuters May 3, 2024 Image credit: Suppiled Abu Dhabi oil giant ADNOC’s production capacity has reached 4.85 million barrels per day (bpd), it said in a post on its website, up from the 4.65 million bpd it reported at the end of last year. The announcement comes just ahead of a June 1 meeting in Vienna of the OPEC+ alliance, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, and of which the UAE is a key member. The UAE has plans to raise its production capacity to 5 million bpd by 2027 and has long lobbied to raise its output within the OPEC+ agreements. The OPEC producer has seen its target production figure increase in the past year, and it could rise further as it is one of a few countries working to boost production capacity. Its target output within the OPEC+ agreement of 3.22 million bpd covers only two-thirds of its actual capacity. Production target discussions can get very divisive within the group, and at the end of last year, Angola exited the alliance shortly after being granted a smaller production target. At its meeting in June, OPEC+ tasked three independent consultancies – IHS, Wood Mackenzie and Rystad Energy – to assess the production capacities of all member countries by the end of June this year. Those assessments will be used to reference production levels from 2025, the group said at the time. Read: Abu Dhabi’s oil champion ADNOC bets on global expansion Tags Abu Dhabi ADNOC Group energy OPEC You might also like Saudi Aramco reports 15% drop in Q3 profit, maintains dividend ADNOC Drilling JV to acquire 95% stake in Deep Well Services for $223m Taxi-sharing pilot service launches between Dubai, Abu Dhabi ADIPEC 2024: ADNOC, AIQ showcase agentic AI solution for energy sector