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Abu Dhabi, April 2 / His Excellency Suhail bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said that the United Arab Emirates will voluntarily reduce its oil production by 144 thousand barrels per day, starting from next May until the end of the current year 2023, in coordination with some participating countries. In the OPEC Plus agreement.
His Excellency added in a statement that this voluntary cut is a precautionary measure taken to achieve balance in the oil market, in addition to that it comes within the framework of the production cut agreed upon at the thirty-third ministerial meeting of OPEC Plus, which was held on October 5, 2022.
It is worth noting that “OPEC Plus” is scheduled to hold a meeting of the Ministerial Monitoring Committee tomorrow, Monday, via visual communication techniques.
