UAE oil giant ADNOC pledges $55b in new projects by 2028

ABU DHABI, May 3: The Abu Dhabi National Oil Company on Sunday pledged to spend $55 billion on new projects over the next two years, just days after the United Arab Emirates' officially left the OPEC oil cartel.
The move to ditch OPEC and the expanded OPEC+ group will allow the UAE to produce as much or as little crude as at wishes after decades of following a quota system instituted by the cartel, potentially providing a windfall of cash to the country.
"ADNOC today confirmed it is accelerating growth and delivery of its strategy with AED 200 billion ($55 billion) in new project awards for 2026-2028," read a statement released by the company.
The move comes as the Gulf has been rattled by the US and Israel's war with Iran, which has seen the Strait of Hormuz choke off massive amounts of energy exports and attacks by Tehran damaging infrastructure across the region.    �"AFP