The United Arab Emirates (UAE), Iraq and Oman announced yesterday the extension of their voluntary reduction in oil production until the end of 2024, as was also indicated by Saudi Arabia, thus complying with the decision taken this Sunday by the oil ministers. and Energy of the OPEC+ alliance, made up of 23 countries.
The UAE will reduce crude oil production by 144,000 barrels a day until the end of next year, the Emirati Ministry of Energy said in a statement.
“We understand the needs of the market and OPEC+ is unified in this sense (…). We are experiencing a transition phase in the energy sector that requires more investment,” said the minister of the Emirati department, Suhail Al Mazroui in the note.
precautionary measure
For its part, Iraq “will extend its voluntary reduction of 211,000 barrels per day (mbd) until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC+ agreement,” the Iraqi Oil Ministry said in a note. published by the official news agency INA.
Oman is following in the footsteps of its neighbors and will reduce oil production by 40,000 barrels a day during the same period, according to a statement.
Previously, Saudi Arabia had already announced the reduction of its crude supply by one million barrels as of July 1, a “voluntary” cut that it will implement in addition to continuing to comply with the pumping limitations to which it has committed in OPEC+.
The aforementioned additional and “voluntary” cut by Saudi Arabia thus constitutes the third attempt in six months to make “black gold” more expensive by withdrawing barrels from the market.
The cabinets of each country announced it at the end of the meeting held this Sunday in Vienna, where all the members of the OPEC+ alliance reached a commitment on the internal distribution of the production quota as of January 1, 2024, which will leave in 40.46 million barrels per day (mbd) the group’s total supply.
The next ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC) and its ten allies, led by Russia, has been convened for next November 26, according to the final declaration of this ministerial meeting.