UAE cuts 153,000 bpd of oil output in October

SectorOil & Gas

The UAE has decreased its oil production by 153,000 barrels per day in October to continue its commitment to the OPEC+ agreement on reducing oil output, the UAE Ministry of Energy and Infrastructure announced on its official Instagram account. This decline brings the average conformity level of the UAE since the beginning of the agreement to 101%. During its 24th meeting held on 17 November, the Joint Ministerial Monitoring Committee (JMMC) noted that the participating OPEC and non-OPEC countries have contributed to cutting the global oil supply by around 1.6 billion barrels between May and October. It is noteworthy to mention that OPEC+ has cut its forecast for oil demand growth by about 300,000 barrels per day in 2021, when compared to its previous outlook. more...