The UAE is fully compliant with its commitments under the production-cut agreement instituted by OPEC and other major, non-OPEC oil producers, according to the UAE Energy Minister, Suhail Mohamed El Mazroui, Reuters reports.
“UAE compliance is 100% and we announce cuts every month,” El Mazroui stated, according to Reuters. He added, “[i]n the last two months we have cut 10% of our exports.”
In January, OPEC and a number of other major oil producers, such as Russia, agreed to cut oil production by 1.8 million b/d. This agreement was later extended to March 2018.
Earlier this year, the UAE had lagged in its implementation of the agreement, but after meeting with representatives from Russia, Kuwait, and Saudi Arabia at the beginning of August, the UAE reiterated its support for the production-cut agreement.
Several countries, including the UAE, have expressed interest in extending the agreement past next March.
El Mazroui indicated that an extension or a possible broadening of the agreement to include additional countries would be considered in November, according to Gulf News.