Abu Dhabi – Mubasher: The UAE has cut its oil output by 6% during the fourth quarter of 2017, compared to only 4% in the third quarter, according to a new report released by the Central Bank of the UAE.
The reduction in the UAE’s oil production reflects its adherence to the agreement made by members and non-members of the Organization of Petroleum Exporting Countries (OPEC) to reduce oil production, Emirates News Agency (WAM) reported, citing the statement.
In November, OPEC and non-OPEC members agreed to extend the reduction of oil output pact until the end of 2018.
The extension of the agreement resulted in a 20% growth in the OPEC Basket Price in 2017, registering $62.06 per barrel as well as a 25% increase in the price of Brent crude.
The recovery in black gold prices is expected to boost OPEC members’ economies, and in light of this forecast, the Emirati central bank stated that the national non-oil gross domestic product (GDP) may see a 3.6% growth in 2018.