Starting from January 1, 2024, until end of March 2024, the United Arab Emirates is set to implement an extra voluntary reduction of 163 thousand barrels per day. This collaborative decision aligns with certain OPEC+ member countries.
Consequently, the UAE’s production is slated to be 2,912 thousand barrels per day throughout the specified period ending in March 2024. Subsequently, these supplementary cut volumes will be gradually reintroduced, contingent upon market conditions, as part of the ongoing commitment to sustaining market stability.
This newly announced measure adds to the previously declared voluntary cut of 144 thousand barrels per day by the United Arab Emirates in April 2023, extending until the culmination of December 2024.
The purpose behind this additional voluntary reduction is to fortify the precautionary initiatives undertaken by OPEC Plus countries. The collective objective remains steadfast in supporting the stability and equilibrium of oil markets.
