UAE Will Not Make Voluntary Oil Production Cuts

The United Arab Emirates has announced that it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets. This is hardly surprising considering that the UAE has in the past argued that it should be allowed to pump more than its current OPEC quota. The UAE has plans to ramp up its crude production capacity to five million barrels per day (bpd) by 2027, well above OPEC’s quota of 3 mb/d. A week ago, for the second month running, Saudi Arabia extended…