Finance
OPEC+ Hikes UAE Production Quota Amid Extension of Global Supply Cuts
The oil alliance will raise the UAE's production cap by 300,000 bpd starting January 2025 while extending broad cuts.
OPEC+ ministers reached an agreement on Thursday to increase oil production quotas through 2025, adjusting the baseline for several member states to reflect updated production capacities. The group, led by Saudi Arabia and Russia, confirmed that the UAE will see its individual production cap rise next year, addressing long-standing requests from Abu Dhabi to better utilize its expanded drilling infrastructure. Production Caps Adjusted for 2025 The revised figures allow the UAE to increase its output target by 300,000 barrels per day (bpd) starting in January 2025. This gradual hike will bring the country’s total capacity closer to its current operational limit of approximately 4.8 million bpd. The adjustment follows an independent audit of production capacities across the alliance, which also resulted in quota revisions for other member nations including Iraq and Kazakhstan. While the agreement provides more room for the UAE to export, the alliance simultaneously extended most of its deep production cuts into late 2025. These measures are designed to support global prices amid softening demand forecasts and rising supply from non-OPEC producers, particularly the United States and…