The United Arab Emirates is planning to boost its oil production to more than 5 million barrels per day next year, according to the International Energy Agency, a move that follows the country's exit from OPEC.
The IEA’s Forecast
The IEA's latest report flagged the UAE's target, which would put the country's output above the 5 million bpd threshold for the first time. The agency did not provide details on how the UAE intends to reach that level or how quickly it will ramp up production.
Post-OPEC Strategy
The UAE left OPEC earlier this year, giving it full control over its production decisions without being bound by the group's quota system. The planned increase signals the country's ambition to capture a larger share of the global oil market. The IEA's report did not specify whether the UAE has already begun boosting output or if it will require new investment.
