UAE plans to boost oil output amid price war

The United Arab Emirates' (UAE) Abu Dhabi National Oil Company (ADNOC) said on Wednesday it was ready to boost its oil supplies by around one million barrels per day amid a price war, according to Arabian News. 

Key quotes

In line with our production capacity growth strategy ... we are in a position to supply the market with over four million barrels per day in April.

In addition, we will accelerate our planned five million barres per day (output) capacity target.

Saudi's Amarco said on Wednesday that it will raise its output capacity to 13 million barrels a day from 12 million. 

Oil prices tanked as much as 31% on Monday after Saudi Arabia slashed its crude prices for Asian buyers, igniting a price war with Russia. 

The previously agreed OPEC+ production cuts are set to expire at the end of March, following which Saudi Arabia can theoretically pump up to its maximum capacity of 12.5 million barrels per day, according to CNBC.