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Money and business
Reuters
Ahmed Jadallah
Emirates flag against the background of the Dubai landscape
The UAE announced on Monday that it will make a further reduction in its oil production by 100,000 barrels per day in June, above its obligations under the “OPEC +” agreement, similar to Saudi Arabia and Kuwait.
UAE Energy and Industry Minister Suhail Al Mazroui said: “The United Arab Emirates will voluntarily reduce its additional oil production by 100,000 barrels per day by next June in support of the Kingdom of Saudi Arabia’s efforts to rebalance the world oil market. “
He added that “after the UAE oil production ceiling exceeded 4 million barrels per day in April, the country in support of the OPEC + agreement committed to the quota.”
And Saudi Arabia announced earlier in the day its direction to voluntarily cut its oil production for the month of June by one million barrels per day, which was immediately reflected in “black gold” prices, which immediately increased by more than 5%.
Subsequently, Kuwaiti Oil Minister Khaled al-Fadil revealed that his country would voluntarily reduce its oil production by 80,000 barrels per day in June, above its commitment under the “OPEC +” agreement.
Source: WAM + Agencies
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