Suhail Al Mazrouei arrives for the 35th OPEC and non-OPEC ministerial meeting in Vienna, Austria. AFP
Gulf Today, Staff Reporter
The United Arab Emirates announced the extension of its voluntary reduction in oil production of 144,000 barrels per day until the end of December 2024, as a precautionary measure.
This is in coordination with the countries participating in the (OPEC Plus) agreement, which previously announced voluntary cuts in April. This voluntary reduction will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus, Sunday, June 4, 2023.
Suhail Al Mazrouei, Minister of Energy and Infrastructure, said: The UAE will extend its voluntary cut of 144,000 barrels per day until the end of December 2024 as a precautionary measure. This is in coordination with the countries participating in the OPEC + agreement, which was previously announced in April about voluntary cuts.
Meanwhile, Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.
The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.
Saudi Arabia's fresh cut of one million barrels per day (bpd) is for July but "extendable", its Energy Minister Prince Abdulaziz bin Salman told reporters after the hours-long OPEC+ meeting at the group's headquarters in Vienna.
Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries were mulling deeper cuts.
In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd — a surprise move that briefly buttressed prices but failed to bring about lasting recovery.
United Arab Emirates’ energy minister Suhail Al Mazrouei said on Saturday that an Opec+ decision to cut oil supply will have a major impact on rebalancing the oil market amid the coronavirus outbreak.
The representatives of the thirteen members of the Opec led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their course agreed in October of a production cut of two million barrels per day until the end of 2023.
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