UAE to cut oil production by 163,000 bpd from January 1 to March 31, 2024

UAE to cut oil production by 163,000 bpd from January 1 to March 31, 2024

Abu Dhabi: The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting of January1,  2024 until the end of March 2024, in coordination with some OPEC+ participating countries.



Therefore, the United Arab Emirates' production will be 2,912 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

UAE to cut oil production by 163,000 bpd from January 1 to March 31, 2024