11:01 - 5.05.2026

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May 5, Fineko/abc.az. National oil company ADNOC is accelerating the realization of its growth strategy and will allocate $55 bn for new production and refining projects, ABC.AZ reports, referring to Bloomberg.

The decision was made after UAE's withdrawal from OPEC. The funds are part of a $150 bn investment plan through 2030.

The company announced transition to more flexible production policy to quickly respond to global demand. In parallel, OPEC+ countries have approved only a minimal increase in quotas.

UAE's withdrawal has increased tensions within the alliance, as well as highlighted differences with group's leader, Saudi Arabia.