• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Game-Changing Research Unlocks New Wind Energy Potential

Game-Changing Research Unlocks New Wind Energy Potential

École Polytechnique Fédérale de Lausanne…

The UAE Could Raise Oil Production Regardless of OPEC+ Decision

OPEC’s third-largest producer, the United Arab Emirates (UAE), could raise its oil output next year as it has won a higher quota under the OPEC+ agreement.

The UAE, OPEC’s third-biggest producer after Saudi Arabia and Iraq, said in the summer that it would not join the Saudis in making voluntary production cuts.

The UAE has argued for years that it should be allowed to pump more than its current OPEC+ quota as it is raising its production capacity.

At the June meeting, the UAE got a huge concession from OPEC+ in the form of an upward revision of its quota that will take its production up by 200,000 barrels per day (bpd) to 3.219 million bpd for 2024.

A rise in the UAE’s oil production next year doesn’t necessarily mean that the OPEC+ group would be pumping more—some members such as Angola are underperforming compared to their already lowered quotas.  

While the UAE is set to boost its oil production in 2024, market speculation is growing that OPEC’s top producer, Saudi Arabia, will extend its voluntary cut into 2024, considering the latest slide in oil prices to $80 and the typically weak period for oil demand in the first quarter of every year. Market talk is also intensifying that OPEC+ could announce a deeper cut at the group’s meeting in the weekend November 25-26.

The recent weakness in oil prices “has increased noise over what OPEC+ will decide to do at its meeting on 26 November. We continue to expect that Saudi Arabia and Russia will roll over their additional voluntary cuts into early 2024,” ING strategists Warren Patterson and Ewa Manthey wrote on Monday. 

“However, what is less clear is whether the broader OPEC+ group will make further cuts,” they added.


A deeper group cut combined with the Saudis and Russians rolling over their voluntary reduction would wipe out the currently expected market surplus in the first quarter of 2024, the strategists noted.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on November 20 2023 said:
    The UAE was given a bigger quota of 3.5 million barrels a day (mbd) two years ago after a clash with Saudi Arabia. Yet. It never managed to lift its production to that level even when OPEC plus permitted it to to do so.

    The UAE may be able to raise its production in 2024 by 100,000-150,000 barrels a day (b/d).

    Saudi Arabia will probably decide to extend its
    Voluntary cut (or what I call the cut that never was) because of production difficulties. It is most probably that the Saudi cut will become a permanent fixture of the global oil market.

    Russia may also extend its export cut of 300,000 b/d as a gesture of solidarity with Saudi Arabia.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News