The United Arab Emirates will increase its output target to 3.075 million barrels a day in January, or about 135,000 barrels a day more than it pumped last month.
This is not new news, the agreement allowing the UAE to pump more was reached at the OPEC meeting in June. I’m posting it because Bloomberg have popped up the reminder.
Bloomberg (gated) add:
The boost to the quota does not necessarily mean that aggregated production across the OPEC cartel will increase. Note that some OPEC+ members, for example, Iraq, Kazakhstan and Gabon are pumping above their respective ceilings, and if they were dragged back to their limits any hike from the UAE could be offset. And, quotas for Angola, Congo and Nigeria were revised down
New levels are subject to a review of each country’s capacity, so they could potentially change again before coming into force in January.
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There is plenty of focus on oil right now ahead of the OPC+ meeting on November 26.