UAE to Slash Oil Production by 100,000 bpd in June

Published May 12th, 2020 - 12:30 GMT
UAE to Slash Oil Production by 100,000 bpd in June
UAE successfully achieved production of over 4 million barrels a day in early April. (Shutterstock)
Highlights
UAE has committed to undertake an additional voluntary cut of 100,000 barrels per day in the month of June

The UAE will voluntarily cut its oil output by 100,000 barrels per day in June in a bid to back Saudi Arabia's efforts to rebalance the world oil market, said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry.

"While the UAE successfully achieved production of over 4 million barrels a day in early April, it has subsequently reduced its production in line with the OPEC+ agreement," Al Mazrouei was quoted as saying in a Wam report.

"In support of efforts led by the Kingdom of Saudi Arabia to further restore stability to energy markets, the UAE has committed to undertake an additional voluntary cut of 100,000 barrels per day in the month of June," he added.


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