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The UAE’s output at the end of January according to secondary sources cited by OPEC was 3.078 million bpd.
OPEC producers led by Saudi Arabia the kingpin of the group and members outside the group led by Russia agreed in December to restrict production by 1.2 million barrels per day for six months starting in January. The curbs were a response to the dramatic fall in oil prices. which had surged to a three-year high of $86.29 per barrel only to plunge to 40 per cent of its value by December. Rising US production and more barrels in the markets due to the alliance`s earlier efforts to boost production pushed the prices to go lower. Brent crude reached at $65.74 per barrel at the end of last week up.
Saudi oil minister Khaled Al Falih said separately in an interview with Reuters on Sunday that the US and China would continue to lead oil demand globally. It was also `too early` for the producers undertaking output cuts to reverse policy at OPEC`s meeting in April. he added.
Global demand would grow by around 1.5 million bpd. said Mr Al Falih.
Allocations by Saudi Aramco. the kingdom`s state oil producer would remain at 9.8 million bpd.
“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March.` Mr Al Falih told Reuters.
