The UAE will implement an additional voluntary cut of 163 thousand barrels per day starting January 1, 2024, until the end of March 2024, in coordination with some OPEC+ participating countries, state news agency WAM reported on Thursday.
The UAE’s production now will be 2,912 thousand barrels per day until the end of March 2024. “Afterwards, to support market stability, these additional cut volumes will be returned gradually subject to market conditions,” it was said.
This voluntary cut is in addition to the voluntary cut of 144 thousand barrels per day previously announced by the UAE in April 2023, which extends until the end of December 2024.
