Kuwait and the UAE Are Ready to Further Reduce Oil Production in June
OREANDA-NEWS. Kuwait and the United Arab Emirates (UAE), following Saudi Arabia, announced their readiness to further reduce oil production in June by 80 thousand and 100 thousand barrels per day, respectively.
Thus, Kuwait’s oil production in June will amount to 2.09 million barrels per day, and the reduction quota will reach 721 thousand barrels per day, Kuwaiti Oil Minister Khalid Ali Mohammad Al-Fadel said. He noted that the country supports the efforts of Saudi Arabia to stabilize the oil market.
As for the UAE, its authorities also decided to cut oil production to support Riyadh. According to the country’s Ministry of Energy and Industry, in April oil production exceeded 4 million barrels per day, but in July the UAE will further reduce production by 100 barrels per day.
Earlier, an additional reduction in oil production was announced by the Ministry of Energy of Saudi Arabia. The agency ordered the state-owned company Saudi Aramco to reduce production in June by 1 million barrels per day in addition to the quota established by the OPEC+ agreement.