UAE Committed To Compensate For Overproduced Oil Volumes - Energy Minister

Fahad Shabbir (@FahadShabbir) Published September 17, 2020 | 11:16 PM

The United Arab Emirates remains committed to compensating for overproduced volumes under the OPEC+ oil cut deal, Energy Minister Mohamed Faraj MazroueI said Thursday

MOSCOW (UrduPoint News / Sputnik - 17th September, 2020) The United Arab Emirates remains committed to compensating for overproduced volumes under the OPEC+ oil cut deal, Energy Minister Mohamed Faraj MazroueI said Thursday.

"UAE has already implemented measures and we have informed the market for the month of October and November to compensate for those overproduced volumes ... We are committed to fulfill those overproduced volumes and we have notified today proactively out colleagues at the JMMC of the volumes and when they are going to be compensated.

The UAE has identified a plan to compensate for August overproduction," the minister said after an online meeting of OPEC+.

He has added that the UAE is working with six independent sources and will continue doing it so that they get true numbers.

On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million per day for the year's second half, and then 5.8 million per day until April 2022.