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UAE Not Seeking Higher Baseline Production Until 2025

OIL

The UAE won’t seek a higher OPEC+ production baseline before 2025 despite increasing its production capacity its Energy Minister Souhail al-Mazrouei said to reporters this week.

  • As things currently stand, the alliance's current production cuts are set to expire at the end of next year.
  • The biggest spare capacity players in OPEC, UAE and Saudi have been building such capacity in expectation that demand for oil will increase in years to come.
  • The UAE has been working on a capacity increase from 4 million b/d to 5 million b/d by 2027.
  • Saudi is looking to expand its production capacity from 12 million b/d to 13 million b/d by 2027.
  • OPEC+ is set to hold its Joint Ministerial Monitoring Committee on Wednesday, but delegates said they expect collective production cuts of 2 million b/d until the end of 2024 to remain in place.
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