Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, said that reducing oil production would be sufficient to balance the market.
The UAE Minister of Energy added: We will not participate in any additional reduction now, according to Reuters.
And the UAE announced, at the beginning of last April, that it would voluntarily reduce its daily oil production by 144,000 barrels per day, starting from the beginning of next May.
At the time, Minister of Energy and Infrastructure Suhail Al Mazrouei confirmed that his country would voluntarily reduce additional oil production by 144,000 barrels per day.
Al Mazrouei indicated that the decision to reduce oil production will begin to take effect from May 1, 2023, to continue until the end of this year, in coordination with some countries participating in the OPEC Plus agreement.
The Emirati Minister of Energy and Infrastructure described this step as a precautionary measure to achieve balance in the oil market within the framework of reducing production agreed upon at the 33rd ministerial meeting of OPEC Plus held on October 5.
The monthly report issued by the Organization of the Petroleum Exporting Countries, OPEC, during last April, showed that the UAE's production of crude oil decreased by 8,000 barrels per day at the end of last month.
According to the report, the UAE's production of crude oil decreased to 3.038 million barrels per day during last March, from 3.046 million barrels per day at the end of February 2023, by 0.3%.
It is noteworthy that the total oil production of the 13 member states of OPEC declined by 86 thousand barrels per day during last March, to reach 28.797 million barrels per day, compared to 28.883 million barrels per day in February 2023.
The decline in OPEC oil production came with the agreement of the OPEC + coalition to reduce supplies by two million barrels per day, starting from November 2022, until December of this year.
