Saudi Arabia and the UAE have agreed to cut oil production until end of the year
Saudi Arabia and UAE energy ministries have both agreed voluntary cuts to oil production until the end of the year.
From May until the start of 2024 they will reduce output by 500,000 barrels per day and 144,000 respectively.
Saudi Arabia’s Ministry of Energy said that the Kingdom will implement a voluntary cut of 500,000 bpd from May until the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.
UAE and Saudi oil production
This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022.
The Ministry of Energy official emphasised that this is a precautionary measure aimed at supporting the stability of the oil market.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, announced that the United Arab Emirates will voluntarily cut its oil output by 144,000 bpd, effective May through the end of 2023.
“This voluntary initiative is a precautionary measure taken to ensure market balance and comes in alignment with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM), held on 5th October 2022,” the minister said in a statement.
OPEC+ is scheduled to hold the Meeting of the Joint Ministerial Monitoring Committee (JMMC), on Monday via videoconferencing.
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