UAE to cut oil production by 163,000 barrels per day starting Jan.1
30 Nov 2023
The photo has been used for illustrative purposes.
The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting 1st of January 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 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 comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.