• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 8 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 5 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 3 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day Trump Hands Putin Major Geopolitical Victory
  • 7 hours America Could Go Fully Electric Right Now
  • 31 mins Buying votes is cool now.
  • 1 day Those Nasty White People and Camping Racism
  • 5 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 18 hours .
  • 14 hours The Truth about Chinese and Indian Engineering
  • 16 hours Brent above $45. Holding breath for $50??
  • 23 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 17 hours The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
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