Opec affirms UAE’s commitment to oil production cuts agreements

SourceEmirates Business
SectorOil & Gas
CountryUnited Arab Emirates

Abu Dhabi / WAMThe latest data issued by the Organisation of the Petroleum Exporting Countries (Opec), has shown that the UAE was one of the most committed producing countries to the deal to cut oil output, aimed at rebalancing the world oil market. According to reports issued by Opec, the UAE’s average production during the third quarter of 2020 reached about 2.604 million barrels of oil per day, a decrease of 18.7 percent compared to 3.204 million barrels in the first quarter of the same year. The UAE’s commitment to cutting oil production deal to the level recorded in the third quarter aims to maintain a balance between supply and demand and protect the interests of both producers and consumers. Meanwhile, the UAE’s capacity for oil production reaches 3.5 million ...read more...