UAE announced the extension of its oil output cut voluntary by 144,000 barrels per day until the end of 2024

The UAE stated on Sunday that it would continue to reduce its oil production by 144,000 barrels per day until the end of 2024. This voluntary cut will be made from the production level that was determined to be necessary at the 35th OPEC Plus ministerial meeting on June 4, 2023.

In the Declaration of Cooperation, OPEC and non-OPEC participating countries decided to "adjust the level of overall crude oil production for OPEC and non-OPEC participating countries in the DoC to 40.46 mb/d, starting January 1, 2024 until December 31, 2024."

According to the declaration, the Joint Ministerial Monitoring Committee (JMMC) has been given the power to call for an OPEC and non-OPEC ministerial meeting whenever it deems it essential to discuss market developments.

The 36th OPEC and non-OPEC Ministerial Meeting will take place on Sunday, November 26, 2023, in Vienna.