UAE extends voluntary oil output cut through Q2

The UAE has announced it will extend its additional voluntary cut of 163,000 barrels per day (bpd) for the second quarter of 2024, in coordination with some OPEC+ countries.

In a statement, the UAE said its production will remain at 2.912 million bpd until the end of June. 

The additional cut volumes will be reversed gradually subject to market conditions in order to support market stability.

This voluntary cut is in addition to the voluntary cut of 144,000 bpd previously announced by the UAE in April 2023, which extends until the end of December 2024.

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.