Adnoc steps off the gas
Gas is currently the main casualty of Abu Dhabi’s more cautious approach. But that may be only in the short-term
Abu Dhabi responded bullishly when its Mid-East Gulf ally Saudi Arabia failed to broker a new Opec+ agreement with Russia in early March and announced a move to unconstrained production. State-owned Adnoc vowed to ramp up production within weeks to a newly possible 4mn-bl/d maximum and to quicken efforts to boost capacity by another 25pc, hitherto targeted for 2030. But these output goals were originally adopted in November 2018 when the oil price was well over double the depths it is now plumbing. Current financial realities impose precisely the opposite imperative for producers worldwide—to slash capex and rein-in expansion ambitions. The Emirati parastatal heavyweight is not immune—acce
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
