UAE committed to reducing oil production from current level of 4.1 mln bpd: Minister

OPEC+ virtual extraordinary meeting. (Twitter/HESuhail)

The United Arab Emirates' Minister of Energy and Industry, Suhail al-Mazrouei said on Sunday his country was committed to reducing its oil production as part of the OPEC+ deal to cut oil output by 9.7 million bpd.

“As a reliable supplier, and in line with the OPEC+ agreement, the UAE is committed to reducing production from its current production level of 4.1 mbopd,” he tweeted.

Measures to curb the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs.

Global oil demand is estimated to have fallen by a third as more than 3 billion people are locked down in their homes due to the coronavirus outbreak.

Read more:

OPEC+ confirms oil output cut by 9.7 mln bpd from May 1 after compromise with Mexico

OPEC and Russia approve biggest ever oil cut amid coronavirus pandemic

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 10:06 - GMT 07:06
Top