The UAE announced that it will extend its additional voluntary cut of 163,000 barrels per day (bpd), for the second quarter of 2024, in coordination with some Opec+ countries.
In a statement, the UAE said that its production will remain at 2.912 million bpd until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be reversed gradually subject to market conditions.
This voluntary cut is in addition to the voluntary cut of 144,000 bpd previously announced by the UAE in April 2023, which extends until the end of December 2024, the statement explained.
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This additional voluntary cut comes to reinforce the precautionary efforts made by Opec+ countries with the aim of supporting the stability and balance of oil markets.