OREANDA-NEWS. Since April, the oil company of the Emirates ADNOC will increase oil production by more than 1 million barrels per day (b/d), as well as increase production capacity to 5 million b/d, the company said in a statement.

"In accordance with our strategy, approved by the Supreme Petroleum Council, we intend to put more than 4 million b/d on the market in April. In addition, we will increase our production capacity to 5 million b/d," the company said in a statement. which is within 3 million b/d. The company will also announce “clear and transparent oil prices” for its customers in the near future.

Last week, the parties failed to agree on a reduction in production after April 1, 2020. A market adjustment was required due to lower oil consumption in Asia amid an outbreak of coronavirus.