UAE: UAE crude output stays muted in February; Brent prices rise

UAE Commodities February 2024

UAE: UAE crude output stays muted in February; Brent prices rise

Brent crude oil prices averaged USD 81.80 per barrel in February, up 3.4% from January. On 29 February, the commodity traded at USD 83.78 per barrel, up 2.3% from 31 January. Market concerns about supply likely drove the rally, with OPEC+ continuing to curb output and tensions in the oil-producing Middle East region continuing.

Turning to production, UAE oil output was steady at January’s 2.93 mbpd (million barrels per day) in February, remaining at one of the lowest levels since late 2021.

After dropping in 2023, crude output is decline further this year, but at a weaker pace. On the one hand, an agreement with OPEC+ reached in June 2023 will boost the country’s 2024 quota by 0.20 mbpd. On the other hand, the UAE committed on 30 November to reduce output by 0.16 mbpd in Q1, and extended this cut to end-Q2 in March, hitting oil output.

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