Saudi, UAE, Kuwait, Oman To Slash Oil Output in 2024

Saudi, UAE, Kuwait, Oman To Slash Oil Output in 2024

Opec+ members including Saudi Arabia, UAE, Kuwait and Oman have agreed to voluntarily cut oil output in the first three months of 2024. In total Opec+ oil ministers announced more than 2m barrels per day of production cuts in the first three months of next year. The UAE and Saudi Arabia both revealed voluntary production cuts following a …

The post Saudi, UAE, Kuwait, Oman To Slash Oil Output in 2024 appeared first on Gulf Insider.Opec+ members including Saudi Arabia, UAE, Kuwait and Oman have agreed to voluntarily cut oil output in the first three months of 2024.

In total Opec+ oil ministers announced more than 2m barrels per day of production cuts in the first three months of next year.

The UAE and Saudi Arabia both revealed voluntary production cuts following a meeting of Opec+ members.

An official source from Saudi Arabia’s Ministry of Energy announced that the Kingdom will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the first quarter of 2024 in coordination with some OPEC+ participating countries.

Therefore, the Kingdom’s production will be approximately 9m barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes