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

UAE Commodities October 2023

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

Brent Crude Oil averaged USD 88.95 per barrel in October, down 4.0% from September’s price. On 31 October, the commodity traded at USD 87.54 per barrel, 8.2% lower than on the last day of the previous month. The decline was chiefly driven by a selloff in early October amid concerns surrounding the health of the global economy. Prices regained some ground following the onset of the Israel-Hamas conflict.

Turning to production, UAE oil output rose slightly to 2.94 mbpd (million barrels per day) in October from September’s 2.92 mbpd but still remained at one of the lowest levels since early 2022.

UAE oil production this year will be weighed on by production curbs agreed with OPEC+ earlier in the year. Next year, oil production is projected to rise as these curbs are rolled back. Output will also benefit from an agreement with OPEC+ reached in June to raise the country’s 2024 quota by 0.20 mbpd.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest