UAE voluntarily cut its oil production by 144K bpd, from May ‎until the end of 2023‎

The Minister of Energy and Infrastructure, Suhail Al Mazrouei, said that the United Arab Emirates will voluntarily reduce its oil production by 144,000 barrels per day, starting from next May until the end of the current year 2023, in coordination with some of the participating countries in OPEC Plus agreement.

He added, in a statement, that this voluntary cut is a precautionary measure that takes place to achieve balance in the oil market, in addition to that it comes within the framework of the production cut agreed upon at the thirty-third ministerial meeting of OPEC Plus, which was held on October 5, 2022.

It is worth noting that “OPEC Plus” is scheduled to hold a meeting of the Ministerial Monitoring Committee tomorrow, Monday, via visual communication techniques.