OPEC+ deal: UAE to extend its voluntary cut of 144,000 bpd until end 2024
This voluntary cut will be from the required production level, as agreed on June 4, 2023
Abu Dhabi: The UAE on Sunday announced the extension of its oil output cut voluntary by 144,000 barrels per day until the end of 2024.
This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023.
According to the statement, OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to “adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting January 1, 2024 until December 31, 2024.”
As per the statement the Joint Ministerial Monitoring Committee (JMMC) has been granted the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
It has been decided to hold the 36th OPEC and non-OPEC Ministerial Meeting on Sunday, November 26, 2023, in Vienna.