UAE to cut output by 100,000 bpd in June
It is backing Saudi Arabia in a move to stabilise energy markets
The UAE will voluntarily cut its oil output by 100,000 barrels per day in June, backing Saudi Arabia's plan to cut an additional one million barrels per day next month. These cuts are on top of existing OPEC+ reductions agreed to in April.
The Saudi Press Agency reported that the kingdom’s production for June will be 7.492mbpd, its lowest in 18 years, as it strives to bring stability to the industry.
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, announced the UAE cuts: ''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.
''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.”