OPEC+: Real reason behind the UAE’s oil cuts

8 December 2023

IntelligenceNote

Summary

OPEC+ members agreed on 30/11/2023 to voluntary output cuts totaling 2.2 million barrels per day

(bpd) for early next year.

The UAE agreed to voluntarily cut 163,000 bpd of its production quota starting January 2024.

This note provides an overview of the following aspects:

Emirati expectations from Saudi reaction to future oil prices
UAE's true intentions regarding oil cuts and its alternate plans for 2024

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