UAE reduces oil output by 200,000 barrels a day
The minister of Energy said that the cuts in oil extraction are due to maintenance works, but underlined that the reduction should remain in place for the next two months.
São Paulo – The United Arab Emirates cut oil output by near 200,000 barrels a day this month, according to information published this Tuesday (28) by the Emirates News Agency (WAM). According to the country’s minister of Energy, Suhail Al Mazrouei, the cut was due to maintenance works.
He added that the reduction should remain in place for the next two months and that the decrease of international stockpiles should soon increase demand for crude oil. Last year, the country produced, on average, over 3 million barrels a day.
Since the beginning of the year, oil-producing countries – Organization of the Petroleum Exporting Countries members and non-members alike – are cutting output to force up the price of the commodity. The goal is to cut global production in approximately 1.8 million barrels a day.
According to WAM, talks are ongoing between OPEC members to expand the duration of the cuts, a topic that will be discussed during a meeting of the organization scheduled for April. Initially, the cut was planned to last for six months.
*Translated by Sérgio Kakitani