UAE Steps Up Oil Exports to Counter Iran

The Abu Dhabi National Oil Company is seeking to make up the shortfall in exports from Iran.

The UAE’s Abu Dhabi National Oil Co. will increase exports in March to fulfill all crude oil contracts to Asia. The move will help Asian nations, which consume more than Iran’s exports of 2.6 million barrels per day (bpd), to reduce their reliance on Iran. China, India and Japan have come under increasing pressure to support sanctions placed on Iran. Reductions in Iranian imports have already started, and Saudi Arabia has said that it would step up production to make up for any shortfall in supplies.