UAE to extend oil production cuts by over 140,000 barrels per day until 2024 end

The UAE announced that it will extend its voluntary oil output cut by 144,000 barrels per day until the end of 2024. This decision was made in accordance with the agreement reached at the thirty-fifth ministerial meeting of OPEC Plus held on June 4th .

In a statement, the participating countries of OPEC and non-OPEC countries in the Declaration of Cooperation agreed to adjust the overall crude oil production level for these countries to 40.46 million barrels per day



from January 1, 2024, until December 31, 2024.

The statement also mentioned that the Joint Ministerial Monitoring Committee (JMMC) has been given the authority to convene additional meetings or request a ministerial meeting of OPEC and non-OPEC countries if necessary to address market developments.The 36th OPEC and non-OPEC Ministerial Meeting is scheduled to take place on Sunday, November 26, 2023, in Vienna.