The United Arab Emirates (UAE)’s Minister of Energy, Suhail bin Mohammed Faraj Faris Al-Mazrouei, announced that the UAE will voluntarily cut its oil output by 2.5% (100,000 barrels per day (bbl/d)) in June to rebalance the global oil market, according to WAM.

”While the UAE successfully achieved production of over 4 million barrels per day (mmbbl/d) in early April, it has subsequently reduced its production in line with the OPEC+ agreement,” Al-Mazrouei 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 bbl/d in the month of June,” he added.

Saudi Arabia announced that it will voluntarily cut production by 1 mmbbl/d.