As Opec’s third largest crude oil producer, the UAE is having to cut output deeply in order to meet its new obligations. The UAE’s target for May is 2.45mn b/d, and it has volunteered to produce just 2.35mn b/d in June.
The overwhelming majority of the country’s output is produced by Abu Dhabi state giant Adnoc, which managed to bring production up to 4mn b/d during April (MEES, 8 May). The company will therefore have to cut more than 1.5mn b/d from its recent record high in quick order. (CONTINUED - 791 WORDS)