The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day from January 1, 2024 until the end of March 2024, in coordination with some participating OPEC+ countries.
Therefore, UAE production will be 2,912 thousand barrels per day until the end of March 2024. Thereafter, to support market stability, these additional cut volumes will be gradually returned depending on market conditions.
This voluntary cut 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 reinforces the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
News source: Emirates News Agency