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UAE has cut up to 10 per cent of their oil exports in the last two months in accordance with the Opec agreement on output cuts, energy minister Suhail Al Mazroui said on Monday.
“UAE compliance is 100 per cent and we announce cuts every month. As an extra assurance we are notifying out customers and markets,” Al Mazroui said in Abu Dhabi.
“The level of compliance is continuing to be good for the year.” When asked whether the oil producing countries are planning to extend the output cut agreement beyond March next year, he said it would be decided at the ministerial meeting to be held in Vienna at the end of November.
“We have to decide when we meet whether we are extending time or we are including some of the countries that are not included. This would be addressed at the meeting. We have to discuss it.”
In December last year, the Organisation of the Petroleum Exporting Countries (Opec) and other producers including Russia, Mexico and Kazakhstan, reached a deal to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing oil prices. The agreement, which initially called for a six-month period, was later extended by another nine months to the end of March 2018. Libya and Nigeria are exempt from the agreement. Al Mazroui also said they will achieve below five year average of global oil reserves by next year.
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, rec
The total global oil production in May amounted to 89.89 million barrels per day (bpd), marking a daily decrease of 10.04 million bpd compared to April, according to figures released by the Organisat
Major oil producers sharply cut back output in May, data showed on Wednesday, as part of a concerted effort to prop up prices that have fallen dramatically in the wake of the global coronavirus pande
Opec forecast that global oil demand will shrink by 9.1 million barrels per day to reach 90.06m bpd in 2020 but anticipates a recovery in demand during the second half of the year.
Opec on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
In a mon
Times of Oman