UAE to cut oil production by 163,000 barrels per day from Jan 1 to Mar 31

This additional voluntary cut comes to reinforce precautionary efforts made by OPEC+ countries with the aim of supporting the stability of oil markets

By Wam

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Published: Thu 30 Nov 2023, 9:59 PM

Last updated: Thu 30 Nov 2023, 10:42 PM

The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting January 1, 2024 until the end of March 2024, in coordination with some OPEC+ participating countries.

Therefore, the United Arab Emirates’ production will be 2,912 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

This is in addition to the voluntary cut of 144 thousand barrels per day previously announced by the United Arab Emirates in April 2023, which extends until the end of December 2024.

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.

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