UAE – Mubasher: Abu Dhabi National Oil Company’s (ADNOC Group) production capacity will enable the company to raise its market supply to more than 4 million barrels per day (bpd) of crude oil in April, ADNOC Group CEO, Sultan Ahmed Al Jaber, said.

ADNOC seeks to accelerate achieving its 5 million bpd target, the CEO noted in a statement on Wednesday on the recent market developments.

Al Jaber remarked: “In response to market conditions, and to provide better forward visibility to our customers, ADNOC will shortly announce forward prices for the months of March and April 2020.”

ADNOC’S CEO added: “As announced in November 2019, ADNOC remains firmly committed to moving from its current retroactive pricing mechanism to a new forward pricing mechanism for its flagship Murban crude oil. This will be traded on a new independent exchange, ICE Futures Abu Dhabi (IFAD).”