*Latest rig count figures from services firm Baker Hughes show that Abu Dhabi ran a record 58 drilling rigs in May. Of these 54 were targeting oil, also an all-time high (see chart 1).
*Abu Dhabi accounts for almost all UAE crude output. At 3.04mn b/d for May, this is down almost 200,000 b/d year-on-year in line with the country’s Opec commitment (MEES, 7 June). However state firm Adnoc plans to raise output capacity to 5mn b/d by 2023 and is investing $132bn to achieve this (MEES, 9 November 2018). (CONTINUED - 234 WORDS)