UAE: UAE crude output remains weak in January; Brent prices fall

UAE Commodities January 2024

UAE: UAE crude output remains weak in January; Brent prices fall

Brent crude oil prices averaged USD 79.11 per barrel in January, up 2.0% from December. On 31 January, the commodity traded at USD 81.93 per barrel, up 5.5% from 29 December. Robust activity in the U.S. and stimulus in China boosted demand for oil in recent weeks.

Turning to production, UAE oil output rose marginally to 2.93 mbpd (million barrels per day) in January from December’s 2.90 mbpd, remaining at one of the lowest levels since late 2021.

After dropping in 2023, crude output is projected to grow this year thanks to an agreement with OPEC+ reached in June 2023 to boost the country’s 2024 quota by 0.20 mbpd. That said, the UAE committed on 30 November to reduce output by 0.16 mbpd in Q1 and Q2, reducing the speed of expansion.

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