The United Arab Emirates' oil output could exceed 5 million bpd next year as it moves to expand production after its exit from OPEC, making it a major driver of non-OPEC+ supply growth, the International Energy Agency said.
The UAE said its decision to leave OPEC, announced earlier this year, was aimed at prioritising production capacity expansion and maximising the value of its resources, freeing output from the constraints of the group's quotas.
Its total oil output is forecast to reach 5.2 million barrels per day in 2027, the IEA said, up 730,000 bpd year-on-year.
The UAE's crude capacity has expanded from 3.1 million bpd in 2016 to nearly 4.4 million bpd by 2026, alongside roughly 1.1 million bpd of condensate and natural gas liquids capacity, underscoring Abu Dhabi's long-term expansion push, the IEA said.
Last month the Abu Dhabi National Oil Company (ADNOC) said it will award 200 billion dirhams ($55 billion) in projects for 2026-2028 to accelerate growth and deliver its strategy. It plans $150 billion in capital investments between 2026-2030.
Source: Reuters
