Iraq & Abu Dhabi National Oil Company

Iraq: Iraq participated in the OPEC online meeting and is affected by the Strait of Hormuz blockade. There is a risk it might leave OPEC due to accusations of surpassing quotas.

Abu Dhabi National Oil Company: Abu Dhabi National Oil Company plans to significantly increase its oil output by 2027 and pledged to spend $55 billion on new projects, accelerating its growth strategy following the United Arab Emirates' exit from OPEC.

Iraq: Iraq, the third-largest producer in OPEC, has stated it has no plans to leave OPEC as it desires stable oil prices.

Abu Dhabi National Oil Company: Abu Dhabi National Oil Company (ADNOC) plans to award 200 billion dirhams ($55 billion) in projects for 2026-2028, reinforcing its five-year capital expenditure plan to meet growing global energy demand, aligning with the United Arab Emirates' strategy to boost output.

Iraq: Iraq is almost wholly reliant on the Strait of Hormuz for oil shipments, highlighting its vulnerability to the strait's closure.

Abu Dhabi National Oil Company: Abu Dhabi National Oil Company was directed by Mohamed bin Zayed Al Nahyan to fast-track the West-East Pipeline project, aiming to increase its oil export capacity and operational flexibility.

Abu Dhabi National Oil Company: Abu Dhabi National Oil Company made inquiries for very large crude carriers, suggesting a potential increase in crude oil exports from the Middle East.