UAE pledges fur­ther oil out­put cuts

Muscat Daily - - BUSINESS -

Lon­don, UK - The United Arab Emi­rates re­it­er­ated its com­mit­ment to the OPEC agree­ment on pro­duc­tion cuts and said it would deepen its own curbs.

The Abu Dhabi Na­tional Oil Co’s ship­ments of Mur­ban, Das and Up­per Zakum crudes will be ten per cent lower from Septem­ber, Min­is­ter of En­ergy Suhail al Mazrouei said in a tweet on Tues­day. ‘The UAE is com­mit­ted to its share in the OPEC pro­duc­tion cut’, he said.

The move fol­lows crit­i­cism on Mon­day from Saudi Ara­bia’s Min­is­ter of En­ergy and In­dus­try Khalid al Falih of mem­bers of the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries who haven’t ful­filled their pledged sup­ply re­duc­tions. The UAE has only im­ple­mented 54 per cent of its promised 139,000 bar­rel-a-day cut on av­er­age, ac­cord­ing to the In­ter­na­tional En­ergy Agency (IEA).

A meet­ing of oil pro­duc­ers in Rus­sia on Mon­day agreed to al­low Libya and Nige­ria to keep in­creas­ing out­put, but em­pha­sized the need for other pro­duc­ers to fol­low through.

The UAE isn’t the only ma­jor pro­ducer in OPEC to have fallen short of its com­mit­ment, with Iraq also mak­ing only half of its 210,000 bar­rel-a-day cut on av­er­age this year, while Venezuela has man­aged just 39 per cent, ac­cord­ing to the IEA data. Saudi Ara­bia went be­yond its obli­ga­tion, ex­ceed­ing its 486,000 bar­rels-a-day cut by more than a fifth, the data show.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.