UAE will voluntarily cut oil output by 144,000 bpd from May through year-end

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, announced that the UAE will voluntarily cut its oil output by 144,000 bpd, effective May through the end of 2023, in coordination with some countries that are parties to the OPEC+ agreement.

"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.

News Source: Emirates News Agency