In June, the UAE will reduce oil production in addition to its quota by another 100 thousand barrels per day (b / s), the country’s Ministry of Energy said. Saudi Arabia and Kuwait have already announced an additional reduction.
“The UAE will voluntarily further reduce oil production by 100,000 barrels per day during June in support of Saudi Arabia’s efforts to restore balance in the oil market,” the agency said (quoted by RIA Novosti). In April, the country’s oil production exceeded 4 million bpd.
Recall that in March 2020, against the backdrop of the collapse of the OPEC + deal and falling demand for oil in the wake of the COVID-19 coronavirus pandemic, world commodity prices fell to 20-year lows. The cost of WTI crude oil for the first time reached negative values. In mid-April, to stabilize prices, the OPEC + member countries agreed on a record reduction in oil production.
On the situation in the raw materials market – in the material “b” “Oil in an era of restrictions.”