UAE reaffirms cut in oil production

According to Suhail al-Mazrouei, the UAE's energy minister, Opec+ oil producers will stick to plans to reduce the commodity's supply cuts from January next year. The statement was made last Tuesday (13), during the event Energy Intelligence Forum.

It is worth remembering that OPEC+ is a group made up of members of the Organization of Petroleum Exporting Countries (OPEC) and allies. Moreover, some of these allies, such as Russia, have been reducing their production since the beginning of 2017. The action is seen as an attempt to balance the market, support prices and reduce inventories.

Supply cuts now reach around 7.7 million barrels per day (bpd), after reaching 9.7 million bpd still this year. " (The cuts) will be reduced again later this year, as 2021," said Minister Suhail al-Mazrouei.


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