COLUMN-Low-cost producers near Asia will suffer least in Saudi oil supply war: Russell - Reuters:
If you can’t beat the Saudis, join them.
That logic appears to be taking hold among allies and rivals of the world’s largest exporter of crude oil, but it may only work if you are a low-cost producer close to your major markets.
The latest example is the United Arab Emirates announcing that it will step up output to more than 4 million barrels per day (bpd) in April, which would be a leap of more than 1 million bpd from its February output of 2.99 million bpd.
State-owned Abu Dhabi National Oil Company (ADNOC) also said it would aim to boost its production capacity to 5 million bpd by the end of this year, a target it had previously only planned to reach by 2030.
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