:ABU DHABI 12 May 2020: Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, announced that the UAE will voluntarily cut its oil output by 100,000 barrels per day in June in a bid to back Saudi Arabia’s efforts to rebalance the world oil market.
”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,” he said.
”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,” he added.
Saudi Aramco to reduce its oil production for June
RIYADH: Saudi Ministry of Energy has directed Aramco to reduce its crude oil production, for the upcoming month of June, by an extra voluntary amount of one million barrels per day, in addition to the reduction committed by the Kingdom in the latest OPEC+ agreement, on 12th of April 2020.
According to Saudi Press Agency and Wam, this brings the total production cut that will be carried out by the Kingdom, to around 4.8 million barrels per day, from the April production level. Therefore, the Kingdom’s production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day.
The ministry also directed the company to seek to reduce its production in the current month of May, from the target level of 8.492 million barrels per day, in consent with its customers.
The ministry emphasised that the Kingdom aims through this additional cut to encourage OPEC+ participants, as well as other producing countries, to comply with the production cuts they have committed to, and to provide additional voluntary cuts, in an effort to support the stability of global oil markets.
