The energy ministries of Saudi Arabia and the UAE have agreed to cut their oil production voluntarily until the end of this year. From May 2023 until the beginning of 2024, Saudi Arabia will reduce its output by 500,000 barrels per day, while the UAE will cut its output by 144,000 barrels per day.
This is in addition to the oil production cuts agreed upon at the 33rd OPEC and non-OPEC Ministerial Meeting in October 2022. Both countries have taken this precautionary measure to support oil market stability. The Minister of Energy and Infrastructure for the UAE, H.E. Suhail bin Mohammed Al Mazrouei, announced the voluntary cut, according to Arabian Business.
“This voluntary initiative is a precautionary measure taken to ensure market balance and comes in alignment with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM), held on 5th October 2022,” the minister said in a statement.
OPEC+ is scheduled to hold the Meeting of the Joint Ministerial Monitoring Committee (JMMC), on Monday via videoconferencing.
