UAE to Maintain Current Oil Output But Also Focused on Raising Capacity: Minister

published:19/03/2019 05:21 GMT

The UAE is committed to maintaining crude production within its quota under the OPEC/non-OPEC cut agreement of 3.07 million b/d as long as the deal remains in force, its energy minister, Suhail al-Mazrouei, said Monday. But the minister reiterated that OPEC's third-largest producer is also focusing on increasing its production capacity to 5 million b/d by 2030, to provide the market with some cushion in the event of a supply shortage. "That does not mean we are intending to bring additional...More