UAE announces voluntarily cut in oil output

The UAE will voluntarily cut oil output by 144,000 bpd effective from the beginning of May. 

The announcement was made by the Minister of Energy and Infrastructure who said the initiative is a precautionary measure taken to ensure market balance.

It comes as a production cut was agreed  during the 33rd OPEC and non-OPEC Ministerial Meeting which took place in October last year. 

Saudi Arabia, Russia, Kuwait, Iraq, Oman and Algeria also announced that they will voluntarily cut output over the same time period.

OPEC+ is scheduled to hold the Meeting of the Joint Ministerial Monitoring Committee later today.