OPEC+ led by Saudi Arabia on Sunday agreed to a request from the United Arab Emirates to ease cuts by 2 mln bpd until year end. UAE, KSA, Russia, Iraq see output quota adjustment. Oil prices are near 2-1/2 year highs on pandemic economic recovery.
UAE state oil giant Abu Dhabi National Oil Company plans to invest $45 bln over the next 5 years in downstream expansion. ADNOC plan to double its refining capacity and triple petrochemicals output potential by 2025.