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2020-10-06 15:35:00

UAE OIL PRODUCTION DOWN

UAE OIL PRODUCTION DOWN

PLATTS - 05 Oct 2020 - The UAE lowered its September crude output by 8% on the month to 2.476 million b/d, achieving 116% compliance with its OPEC+ quota as the producer compensated for overproduction in August, a source familiar with the matter told S&P Global Platts Oct. 5.

The OPEC producer pumped 2.693 million b/d in August, 103,000 b/d above its quota of 2.590 million b/d under the OPEC + supply accord, and a rise of 293,000 b/d from what the country reported in July, when its cap was 2.446 million b/d.

The UAE pumped more oil in August as electricity demand powered by natural gas -- produced in concert with crude -- surged that month, energy minister Suhail al-Mazrouei tweeted on Sept. 1, vowing to make up for overproduction.

The UAE, which has typically demonstrated strong compliance with its quota, boosted its output to 2.74 million b/d in August, according to the S&P Global Platts latest OPEC+ survey, far in excess of its cap.

State-owned Abu Dhabi National Oil Co., which produces the vast majority of the country's crude, confirmed Sept. 16 that it would reduce by 25% nominations of all four crudes grades in November, following a 30% cut in October's crude allocations.

Compensation cuts

OPEC+ members will have until December 31 to make good on their required crude production cuts, with Saudi Arabia and other compliance sticklers conceding that the previous end-September deadline was infeasible, according to a draft agreement seen by S&P Global Platts.

Under the OPEC+ deal, any country that overproduced their quotas must make extra "compensation cuts" of an equivalent volume in subsequent months.

In all, countries that exceeded their quotas from May through August have a cumulative 2.375 million b/d of compensation cuts due, according to an analysis prepared for the OPEC + Joint Ministerial Monitoring Committee, which met virtually Sept. 17.

The committee will meet next on Oct. 19.

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