UAE on track to meet target for production cuts, energy minister affirms

The UAE is deepening its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day by June, Suhail Al Mazrouei, the Energy Minister, said on Tuesday.

Mr Al Mazrouei said on the sidelines of the CeraWeek conference in Houston that the UAE cut more production last month than it did in January as it phases in compliance with the late November agreement to bring supplies closer to demand.

The Opec pact, which was joined by non-Opec countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million bpd. The six-month agreement took effect on January 1.

As The National reported last month, the UAE is expecting output to fall in March and April when it cuts back for oilfield maintenance.

The International Energy Agency, the Paris-based energy watchdog, has said that some other countries did not achieve their cuts levels in January, the first month of the deal. These included the UAE, which produced 2.96 million bpd versus a pledged level of 2.7 million bpd.

* Reuters and The National

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