The UAE reduced its oil production by 6% during the last quarter of 2017

Media In – Abu Dhabi, March 13, 2018

The UAE has cut its oil production by 6% in the last quarter of last year, while the reduction in the third quarter was 4%.
The reduction in the UAE’s oil production in 2017 is a step that reflects the commitment of the state to the agreement adopted by the Organization of Petroleum Exporting Countries (OPEC) in cooperation with major independent producers and under which the reduction of production to maintain the balance of the market.
OPEC members and top independent producers agreed last November to extend the cut-off agreement until the end of 2018, which would boost oil price controls, industry experts said.
The commitment of the members to the agreement to reduce production has reflected the price of the basket of OPEC oil, which rose to 62.06 dollars in 2017 growth of about 20% compared to 2016.
The price of Brent crude rose by more than 25% in 2017 compared with a decline of more than 15% in 2016.
In light of the improvement in oil prices, it is expected that this will be reflected positively on economic activity in the member countries of the Organization, including the UAE, where the UAE Central Bank forecasts the growth of non-oil GDP by 3.6% in 2018 compared to expectations of 2.9% In 2017