• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 11 mins Would bashing China solve all the problems of the United States
  • 2 hours Model 3 cheaper to buy than BMW 3 series.
  • 1 hour Thugs in Trumpistan
  • 4 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 2 hours Pompeo's Hong Kong
  • 4 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 2 hours Coronavirus hype biggest political hoax in history
  • 4 hours China’s Oil Thirst Draws an Armada of Tankers
  • 16 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 59 mins Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 15 hours Income report showing potential future spending and economic growth
  • 17 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 1 day COVID 19 May Be Less Deadly Than Flu Study Finds
Oil Prices Rise As Supply Shrinks

Oil Prices Rise As Supply Shrinks

Oil prices rose early on…

Oil Prices Stabilize On Rumors Of An OPEC+ Extension

Oil Prices Stabilize On Rumors Of An OPEC+ Extension

Oil prices stabilized on Thursday…

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