UAE output could fall to 2.43m bpd this month

Abu Dhabi: The UAE's oil output is expected to drop to 2.43 million barrels per day (bpd) in November as it implements crude oil supply cuts in line with last month's decision of the Organisation of Petroleum Exporting Countries (Opec), the International Energy Agency (IEA) said in its latest oil market report released on Friday.

Decision

Opec agreed to cut production by 1.5 million barrels per day (bpd) effective from November 1 in a bid to halt the slide in global crude oil prices.

The UAE's oil output fell to 2.55 million bpd in October from 2.66 million bpd in September due to offshore oilfield maintenance, the IEA said.

"October Opec crude supply was largely unchanged from September at 32.1 million bpd. This is around 0.7 million bpd below what we estimate to have been peak June levels close to 32.8 million bpd," said the IEA.