The UAE will make further oil-production cuts in November to bring its output in line with its commitment under the production-cut agreement between OPEC and major, non-OPEC oil producers, Gulf News reports.
“November nomination cuts reflect the UAE’s continued focus on meeting the 139,000 barrels of oil per day reduction that we committed to O[PEC],” the UAE Energy Minister, Suhail El Mazroui, tweeted.
In November, the Abu Dhabi National Oil Company (ADNOC) will cut production of the Murban crude by 15%, Das crude by 10%, and Upper Zakum crude by 5%, bringing the UAE’s total cuts to 139,000 barrels of oil per day (b/d), according to Gulf News.
Earlier this year, the UAE lagged behind its production-cut commitment, but has since announced 10% cuts in both September and October.
OPEC and a number of other major oil producers implemented an agreement to reduce crude production by 1.8 million barrels per day (b/d) in January. The agreement has been extended to March 2018.