UAE Overproduces, But Will Cut More in October

摘要

The United Arab Emirates pumped about 100,000 barrels per day of oil above its Opec-plus ceiling in August, which it plans to offset with additional cuts in October, according to a person familiar with the situation. Under the latest phase of Opec-plus production cuts in place since Aug. 1, the UAE's crude oil production ceiling was set at 2.59 million b/d. But its actual output hit 2.69 million b/d in August, the person said. The Opec member will compensate for the surplus crude output in August by producing below its quota in October, the person said.