UAE reduces March oil output by 200,000 bpd approx
WAM report quotes UAE Energy Minister Al Mazrouei as citing maintenance operations as the main reason for the production cut
The UAE has reportedly reduced its oil output for March by nearly 200,000 barrels per day due to maintenance works, the country’s energy minister has been quoted in a media report as saying.
The production cut, apparently due to maintenance operations, will continue over the next two months, the official news agency WAM has quoted Suhail Mohamed Al Mazrouei as saying on the sidelines of an event in Abu Dhabi on Tuesday.
A drop in crude stockpiles is expected to lead to a rise in demand, Al Mazrouei added.
On another note, Al Mazrouei has also confirmed that talks are on among OPEC and non-OPEC oil producers about extending the existing output cut deal.
OPEC members will discuss the move during its upcoming meeting in April, he added.