Abu Dhabi (Etihad)
The UAE announced the extension of its additional voluntary oil production reduction of 163,000 barrels per day until the end of the second quarter of the current year 2024, in coordination with some countries participating in the “OPEC+” agreement.
The UAE stated in a statement that its oil production will remain two million and 912 thousand barrels per day until the end of June of the current year 2024. After that, and to support market stability, these additional reduction amounts will be restored gradually, according to market conditions.
The statement indicated that this voluntary reduction comes in addition to the voluntary reduction of 144 thousand barrels per day, which was previously announced by the UAE in April 2023 and which continues until the end of December 2024.
The statement explained that this additional voluntary reduction comes to strengthen the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets.
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