UAE to voluntarily cut oil output

The UAE will implement an additional voluntary cut in its oil output by 163,000 barrels per day (bpd) from the start of January to the end of March, in coordination with some OPEC+ countries.

According to national news agency WAM, the Emirates' oil production will be 2.912 million bpd from January 1 to March 31.

After that, in order to support market stability, these additional cut volumes will be returned gradually, subject to market conditions, it added.

This latest announcement is in addition to the voluntary cut of 144,000 barrels per day previously announced by the UAE in April 2023, which extends until the end of 2023.

#UAE to cut additional 163,000 bpd starting January 1st through March 31st 2024#WamNews https://t.co/KhEjyhmrVo pic.twitter.com/73Hw5OrBKW

— WAM English (@WAMNEWS_ENG) November 30, 2023