In a statement, Suhail bin Mohammed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, announced that the country will be reducing its oil output by 144,000 barrels per day voluntarily, from May until the end of 2023. The move is being made in coordination with some of the OPEC+ agreement member countries as a precautionary measure to maintain market balance.
The decision aligns with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting held on October 5, 2022. OPEC+ is set to conduct the Meeting of the Joint Ministerial Monitoring Committee (JMMC) via videoconferencing on Monday.
According to a statement from an official at the Ministry of Energy in Saudi Arabia, the country will be implementing a voluntary cut in oil output of 500,000 barrels per day, effective from May until the end of 2023. The move will be made in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation, with the aim of supporting the stability of the oil market.
The Saudi Press Agency (SPA) reported the statement. The voluntary cut is in addition to the previously agreed reduction in production during the 33rd OPEC and non-OPEC Ministerial Meeting held on October 5th, 2022.
Reuters reported on Sunday that Iraq’s oil ministry announced a voluntary reduction of 211,000 barrels per day in its oil production from May until the end of 2023.