The United Arab Emirates (UAE) announced the extension of its voluntary reduction in oil production of 144,000 barrels per day until the end of December 2024 as a precautionary measure.
This step came in coordination with the countries participating in the (OPEC Plus) agreement, which had previously announced voluntary cuts in April.
And the Emirates News Agency stated that this voluntary reduction will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus today, corresponding to June 4, 2023.
On the other hand, Russian Deputy Prime Minister and Energy Minister Alexander Novak said that the Organization of Petroleum Producing Countries (OPEC Plus) agreed to reduce its oil production during the year 2024 by 1.66 million barrels per day.
Following the announcement of a new agreement by the Organization of Petroleum Producing Countries “OPEC Plus” regarding the level of global production during the year 2024, Novak indicated that the agreement in addition to the OPEC decision in October 2022 means a total reduction in global oil production of 3.66 million barrels per day by the beginning of the next year .
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