17:45 GMT15 August 2020
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    The United Arab Emirates (UAE) will exceed its obligations under the agreement on reducing oil production by 15-33 percent, UAE’s Energy Minister Suhail Mohamed Faraj Mazrouei said Sunday.

    KUWAIT CITY (Sputnik) The UAE expects to fulfill its obligations under the global deal on reducing oil output by 115-133 percent, Mazrouei said during a press conference after a meeting of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers in Kuwait City.

    On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day for the first six months of 2017, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day.

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