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The United Arab Emirates Crude Oil Production Decreased In November, The Implementation Rate Of Production Reduction Agreement Increased
Dec 08, 2017

Industry sources said on Tuesday that the United Arab Emirates crude oil production in November fell to 2.9 million barrels per day, implementation rate of the production reduction agreement has increased.

The United Arab Emirates announced its crude oil production in October was 2.95 million barrels per day.

Sources said the United Arab Emirates crude oil production fell in November, on the one hand affected by oil field maintenance, on the other hand due to that the country was fulfilling its production cut commitments.

the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC oil-producing countries such as Russia have agreed unanimously to extend the deadline to the end of 2018 at the end of November at the Vienna Conference to help reduce global oil stores and support higher oil prices.

Over the past few months, the implementation rate of the OPEC cut agreement has reached or even exceeded 100%, but the UAE's execution rate has been lower as the comparative baseline data used by the country is higher than the baseline data set in the agreement.

However, the UAE, which will hold the rotating presidency of OPEC next year, has started to reduce exports in order to demonstrate its determination to abide by the reduction agreement.

Abu Dhabi National Petroleum Corp. said last week that it has reduced its January crude oil supply to its customers, reducing supply of crude oil by 15%, 5% and 15% respectively for Murban, Darth and Upper Zakum.

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