United Arab Emirates (UAE) Minister of Energy Suhail Al-Mazrouei said on Sunday UAE is to cut oil production by 139,000 barrels per day in November in line with an Organisation of Petroleum Exporting Countries (OPEC) decision.
The state-owned company Abu Dhabi National Oil Company (ADNOC) has decided to cut its production for November, reflecting the country’s commitment to its share of the reduction of 139,000 barrels per day scheduled by the OPEC, UAE state news agency WAM reported.
“The rate of production cut in November, as announced by ADNOC, is 15 percent of the allocation of crude contracts,” WAM quoted Al-Mazrouei as saying. “The reduction approved by ADNOC comes in line with the UAE’s commitment to the OPEC decision,” he added.
OPEC members began earlier this year officially cutting production by 1.8 million barrels per day, for six months, in an attempt to restore stability of the oil markets. It was also agreed last May to extend oil production cuts by an additional nine months from July 1, 2017 until the end of March 2018.
The price of the black gold fell from $110 per barrel (159 liters) in mid-2014 to $27 in January 2016 before recovering to above $50, the current price of oil.