UAE, Saudi, Oman and Kuwait to cut oil production from May to end of 2023 – Gulf Today

UAE, Saudi, Oman and Kuwait to cut oil production from May to end of 2023 – Gulf Today

The photo has been used for illustrative purposes.

Gulf Today Report



Suhail Bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said that the United Arab Emirates will voluntarily reduce its oil production by 144,000 barrels per day, starting from next May until the end of the current year 2023, in coordination with some of the countries participating in the OPEC Plus agreement.



Al Mazrouei added, in a statement, that this voluntary cut is a precautionary measure taken to achieve balance in the oil market, in addition to that it comes within the framework of the production cut agreed upon at the thirty-third ministerial meeting of OPEC Plus, which was held on October 5, 2022.



It is worth noting that OPEC Plus is scheduled to hold a meeting of the Ministerial Monitoring Committee tomorrow, Monday, via visual communication techniques.



Saudi Arabia also announced a voluntary reduction in