By Staff writer
Move is designed to bring stability to energy markets, says UAE Minister of Energy and Industry
The UAE is to voluntarily cut its oil output by 100,000 barrels per day in June in a show of solidarity with neighbours Saudi Arabia.
The kingdom announced on Monday plans to cut its oil production next month by an extra one million barrels per day – on top of the reduction already committed to as part of the OPEC+ agreement signed last month.
According to the Saudi Press Agency, the kingdom’s production for June, after both targeted and voluntary cuts, will be 7.492m barrels per day – its lowest in 18 years – as it strives to bring stability to the industry.
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, announced the UAE cuts.
He said: ''While the UAE successfully achieved production of over 4 million barrels a day in early April, it has subsequently reduced its production in line with the OPEC+ agreement.
''In support of efforts led by the Kingdom of Saudi Arabia to further restore stability to energy markets, the UAE has committed to undertake an additional voluntary cut of 100,000 barrels per day in the month of June.”