The United Arab Emirates will voluntarily reduce oil production by 144,000 barrels per day by the end of the year. Suhail bin Mohammed Al Mazroui, UAE Minister of Energy and Infrastructure, made the relevant statement, the UAE news agency reported. WAM.
According to the politician, the voluntary cut in oil production will last from May until the end of 2023. The cut was made in coordination with a number of OPEC+ countries, including Iraq, Oman, Kuwait and Saudi Arabia.
“This voluntary initiative has become a precautionary measure aimed at stabilizing the market,” the minister said in a statement. It was noted that the decision is in line with the agreement reached in October 2022 between the OPEC+ countries.
The decision was made after a fierce debate. to fall oil prices to 2021 levels. Another drop in Brent oil prices dead 17 March 2023.
On April 3, the online meeting of the OPEC+ Joint Ministerial Monitoring Committee will be held.
Previously reportedOPEC+ will not change its oil production plan at its April 3 meeting.