UAE: UAE crude output remains weak in November; Brent prices decline

UAE Commodities November 2023

UAE: UAE crude output remains weak in November; Brent prices decline

Brent crude oil prices averaged USD 82.19 per barrel in November, down 7.6% from October’s price. On 30 November, the commodity traded at USD 80.68 per barrel, 7.8% lower than on the same day of the previous month. In November, investors continued to reduce their net long positions on crude oil amid lingering concerns surrounding the strength of the global economy. Oil prices continued to decline in December.

Turning to production, UAE oil output rose fell to 2.91 mbpd (million barrels per day) in November from October’s 2.92 mbpd, remaining at one of the lowest levels since late 2021.

After declining last year, crude output is projected to expand this year thanks to an agreement with OPEC+ reached in June 2023 to raise 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 2024, reducing the pace of expansion. Further cuts ahead are possible given the recent decline in oil prices.

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