UAE - Mubasher: The UAE's crude oil supplies have dropped by 35.5% month-on-month (MoM) to around 1.364 million barrels per day (bpd) in May, when compared to April, reflecting its commitment to the OPEC+ output cut agreement.
The UAE contributed to reducing the crude oil production to 2.477 million bpd in May from 3.841 million bpd in April, ranked at the second position in terms of the crude oil cut after Saudi Arabia, according to OPEC's monthly oil market report.
In April, the UAE raised its oil supplies by around 9.5% to 3.841 million bpd, compared to 3.507 million bpd in March.
The report referred that the UAE is witnessing a decrease in consumer demand and a slow market response which led to weak recovery for the country's non-oil economy even after a gradual lift of coronavirus (COVID-19) lockdown.
However, the non-oil activities are expected to recover during the second half (H2) of 2020, as indicated by the reading of IHS Markit Dubai Purchasing Managers which recorded the highest level since February to 46 in May.
The 13 OPEC members have cut their oil output to 24.195 million bpd in May, compared to 30.495 million bpd in April.
Noteworthy to mention, the 'Quarterly Economic Review' for the first quarter (Q1) of 2020, issued by the Central Bank of the UAE (CBUAE), showed that the UAE's average oil production will reach 2.984 million bpd in 2020 to be in line with the OPEC+ output cut agreement.
