Today: 31 May 2025
1 December 2023
2 mins read

 OPEC+ Announces Additional Oil Cuts

The cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024)…reports Asian Lite News

The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets.

These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on 4th June 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024, according to a press release issued by OPEC on Thursday.

These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions.

The above cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products.

UAE to cut additional 163,000 bpd

The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting 1st of January 2024 until the end of March 2024, in coordination with some OPEC+ participating countries. Therefore, the United Arab Emirates’ production will be 2,912 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

This voluntary cut is in addition to the voluntary cut of 144 thousand barrels per day previously announced by the United Arab Emirates in April 2023, which extends until the end of December 2024.

ALSO READ: ‘UAE Determined to Unite World at COP28’

Previous Story

Historic Loss & Damage Fund Agreed at COP28

Next Story

 GCC Pavilion to Host Wide Range of Events

Latest from -Top News

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector

Gargash: UAE’s pragmatism sets regional example

Anwar Gargash says the UAE stands as a beacon of what is possible when pragmatism and vision come together. As political instability, economic fragmentation and rapid technological change continue to reshape the

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its
Go toTop

Don't Miss

Ukraine crisis: UAE gold prices jump to over Dh5 per gram

Gold prices have soared to more than AED5 per gram

UAE donates search & rescue equipment to Syria

This came after the UAE Ministry of Interior, in coordination