On Wednesday (11), the United Arab Emirates joined Saudi Arabia with promises to bring oil production to record levels in April. The plans of the two countries would represent an increase equivalent to 3.6% of the overall supply.
The Saudis have announced they will raise their supply to a record 12.3 million barrels per day and UAE state oil company ADNOC said it will raise its supply to more than 4 million bpd in April. Both have stated that they intend to increase their oil production capacities.
Amid the dispute with Russia, the two countries that are part of the Organization of Petroleum Exporting Countries (OPEC) have adopted a joint position. The situation has caused the drop in oil, which has already fallen by almost half since the beginning of the year and for the first time in a decade, there is an expectation of a drop in global demand for fuel.