The United Arab Emirates cut crude oil production by 8% month-on-month in September to 2.476 million bpd, below its OPEC+ quota of 2.590 million bpd. This put the country’s compliance with the deal to 116% as the emirates compensated for excess production in August at 2.693 million bpd. The UAE is typically among the most compliant producers within OPEC+. However, it pumped more in August amid peak demand for electricity.
OPEC+ participating producers will have until December 31 to compensate for their overproduction in past months. The previous September 30 deadline was deemed infeasible. From May through August, countries with excess output have accumulated compensation cuts of 2.375 million bpd.
