UAE to Continue Reducing Oil Production

The United Arab Emirates has extended its voluntary additional oil production cut by 163,000 barrels per day, effective from the first quarter to the second quarter of 2024, according to the UAE state news agency (WAM).

It is noted that by the end of June, the country's oil production will amount to 2.912 million barrels per day. The reduction of 163,000 barrels per day is in addition to the 144,000 barrels per day announced in April 2023, which will last until the end of this year.

Earlier, Saudi Arabia announced a voluntary reduction of 1 million barrels per day in oil production for the second quarter of 2024. Several other OPEC+ countries, including Kuwait (135,000 barrels/day), Algeria (51,000 barrels/day), and Oman (42,000 barrels/day), have also announced the extension of additional voluntary restrictions.

During the same period, Russia will reduce its oil production and exports by 471,000 barrels per day in a monthly varying structure. According to Russian Deputy Prime Minister Alexander Novak, in April, Russia will reduce production by 350,000 barrels per day and exports by 121,000 barrels per day; in May, by 400,000 barrels/day and 71,000 barrels/day respectively; and in June, only by 471,000 barrels per day.