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Opinion: Are Arab Oil Producers' Claims of Ability to Increase Production Empty Promises?

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Abu Dhabi National Oil Company (ADNOC) last week announced its objective to increase its crude oil production to four million barrels by the end of 2020, and to five million barrels by 2030 at a cost of $130 billion.

With its current production level being close to three million barrels, it means ADNOC must produce an additional one million barrels in the coming two years.

It is great for oil countries to fix goals and targets, and show the world its commitment to stabilize energy price. (Shutterstock)

© 2018 Arab Times Kuwait English Daily. All Rights Reserved.

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