(MENAFN- Khaleej Times) Abu Dhabi National Oil Company (Adnoc) affirmed its capability to cope with the current fluctuations in global oil markets by improving operational efficiency and maximising resource value through all phases such as exploration, production, refining and marketing of crude oil and petrochemicals.
Adnoc's highlights came during the company's participation in the annual 24th Middle East Petroleum and Gas Conference, which kicked off in Abu Dhabi. Dr Matar Al Neyhadi, undersecretary for the UAE ministry of energy, delivered the opening keynote, citing Adnoc's investments at all levels.
Abdulla Salem Al Dhaheri, Adnoc marketing and refining director, underscored the need to focus on identifying and maximising value across the value chain in the upstream, downstream and petrochemicals sectors, empowering the company to adjust and cope with the global crude market's fluctuations.
"Adnoc aims to increase production capacity of refined products and will produce new products such as Base Oil Group II and Group III, Carbon Black and Petroleum Coke following the expansion of the Ruwais refinery," said Al Dhaheri.
"The objective is to continue meeting rising domestic demand, as well as to further enhance our presence in international markets," he added.
When it comes to market fluctuations, Al Dhaheri said oil markets would remain volatile in the short term, but would eventually recover.
"The likelihood of $50 a barrel as average for the year 2016 is achievable. despite the lack of consensus between Opec members and non-Opec producers in Doha recently, we see that market forces are beginning to have their intended impact."
"We must be resilient and agile to adjust to fickle market conditions. Oil markets will regain their balance in the second half of this year as supply from non-Opec producers will decline and the overhang in the markets will be met by rising oil demand," added Al Dhaheri.
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