OPEC records commitment to production cuts

Published: 14 October 2020 - 2:15 p.m.
The latest data issued by the Organisation of the Petroleum Exporting Countries, OPEC, has shown that the UAE was one of the most committed producing countries to the deal to cut oil output, aimed at rebalancing the world oil market.

According to reports issued by OPEC, the UAE's average production during the third quarter of 2020 reached about 2.604 million barrels of oil per day, a decrease of 18.7 percent compared to 3.204 million barrels in the first quarter of the same year.

The UAE's commitment to cutting oil production deal to the level recorded in the third quarter aims to maintain a balance between supply and demand and protect the interests of both producers and consumers. Meanwhile, the UAE's capacity for oil production reaches 3.5 million barrels per day.

Earlier this month, OPEC praised the positive role played by the UAE during the past years in controlling the balance of the oil market.

The data also showed that the average production of OPEC during the third quarter of this year reached 23.839 million barrels per day, compared with 28.255 million barrels per day in the first quarter of the same year.

According to the figures released by the organisation, the average production of members decreased by 4.416 million barrels per day during the two monitoring periods.

OPEC is expected to re-study the reduction in oil production at the beginning of the year 2021, after the agreement contributed to balancing the global oil market.

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