• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 45 mins Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 3 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 42 mins The Plastics Problem
  • 6 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 8 hours Oil Demand Needs to Halve: Equinor
  • 11 mins Wonders of Shale - Gas, bringing investments and jobs to the US
  • 2 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 4 hours Cherry Picking Climate Data
  • 11 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 17 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 14 hours Solar Panels at 26 cents per watt
  • 8 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 2 hours Coal Boom in Asia is Real and a Long Trend
Alt Text

Oil Spikes On Soaring U.S., Iran Tensions

Oil prices spiked on Thursday…

Alt Text

The Oil Price Risk Analysts Are Ignoring

While geopolitical tensions in the…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Will The UAE Further Boost Its OPEC Compliance?

Following Saudi Arabia’s pledge to do the same, the United Arab Emirates announced on Tuesday its plans to reduce oil exports beginning in September of this year.

The announcement was delivered on Twitter from UAE’s Minister of Energy, Suhail Mohamed Al Mazrouei, reiterating its commitment to “share in OPEC production cut.”

(Click to enlarge)

As for the UAE’s oil customers, we’re talking about mostly Japan, who receives 62 percent of the UAE’s crude oil exports, according to the UAE Embassy website.

Saudi Arabia pointed fingers at OPEC’s less compliant members over the weekend, which included the UAE, who had agreed to shave 139,000 bpd of production to stay under 2.874 million bpd—down from its reference level of 3.013 million bpd.  Unshockingly, the UAE, which is comprised of individual emirates that are responsible for managing their own oil production and resource development, failed to hit its production promises every month since the deal was signed.

January reduction            55,000   = 40 percent compliant

February reduction         85,000 = 61 percent compliant

March reduction               118,000 = 85 percent compliant

April reduction                  107,000 = 77 percent compliant

May reduction                  114,000 = 82 percent compliant

June reduction                  115,000 = 83 percent compliant

Related: Daily OPEC Oil Prices Now Public For The First Time Ever

While overall, the UAE is responsible only for a total of 240,000 barrels of over production throughout the entire six-month period, it remains the fifth largest exporter of crude oil in the world, totaling $46.8 billion in sales each year.

What’s obviously missing from the UAE’s promise is its commitment to stick to the OPEC agreement, which deals with production rather than exports. The UAE consumes less than a third of its total crude oil production—so it is unclear, assuming it continues to overproduce, exactly what the UAE intends on doing with the 10 percent it is shaving off its September exports.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News