The United Arab Emirates' state-owned oil giant, ADNOC, has announced an increase in its production capacity to 4.85 million barrels per day. This comes just a month before a crucial OPEC meeting in June, where member nations will decide on production levels for the second half of 2024.

UAE boosts oil production capacity ahead of OPEC+ meeting

The organisation of Petroleum Exporting Countries' (OPEC) crude production stayed steady in April, leaving the group's latest cutback plan incomplete.

OPEC group pumps less oil in April than the previous month

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