OPEC’s third-largest producer, the United Arab Emirates (UAE), could raise its oil output next year as it has won a higher quota under the OPEC+ agreement.
Source: Oil Price
The UAE, OPEC’s third-biggest producer after Saudi Arabia and Iraq, said in the summer that it would not join the Saudis in making voluntary production cuts.
The UAE has argued for years that it should be allowed to pump more than its current OPEC+ quota as it is raising its production capacity.
At the June meeting, the UAE got a huge concession from OPEC+ in the form of an upward revision of its quota that will take its production up by 200,000 barrels per day (bpd) to 3.219 million bpd for 2024.
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