The UAE confirms its commitment to the stability of the oil market and compliance with the voluntary modifications it has approved "OPEC+"
Vienna on March 3 / WAM / The eight member states of “OPEC+” agreed to the plan to apply the gradual increase in the production of the UAE scheduled in the previous ministerial meeting by 300 thousand barrels per day, starting from April 2025 until the end of September 2026, bringing the UAE total production after the gradual increase to 3,375 million barrels per day.
This came during the virtual meeting today of the eight member states of “OPEC+”, which previously announced additional voluntary amendments in April and November 2023, namely the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, to review the global market conditions and future expectations.
The UAE affirmed its commitment to the stability of the oil market and compliance with the additional voluntary amendments that would enhance the balance between supply and demand.
The eight countries renewed their collective commitment to complete compliance with the additional voluntary amendments to production, as it was agreed upon at the joint ministerial committee meeting to monitor the fifty -third production on April 3, 2024.
The UAE and the countries combined today confirmed today their intention to fully compensate for any excessive amounts of production since January 2024, according to the compensation plans provided to the OPEC Municipality, while ensuring the completion of all compensation by June 2026.
Taking into account the basics of the health market and the positive expectations of the market, they reaffirm their agreed decision on December 5, 2024, to move forward with the gradual and flexible return of voluntary amendments of 2.2 million barrels per day starting from the first of April 2025, while maintaining the ability to adapt to advanced conditions. Accordingly, this gradual increase can be temporarily stopped or reversed according to the market conditions, while this flexibility will allow the group to continue supporting the stability of the oil market.
Countries with excessive amounts of production have agreed to provide their compensation plans in advance, so that more excessive production quantities are compensated in the first months of the compensation period, and their updated compensation schedules will be provided to the OPEC Secretariat by March 17.
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