Saudi Arabia, UAE, Russia deny to increase oil production

Riyadh: Saudi Arabia, the United Arab Emirates (UAE) and Russia have announced that they will maintain voluntary cuts in oil production.

The refusal of the three major oil exporting countries to increase production and supply will further increase crude oil prices in the international market.

Saudi Arabia cut production by one million barrels per day in July 2023.

WAM, the official news agency of the UAE, said that the decrease in production by 163,000 barrels per day will continue. Its total daily production is currently 2.912 million barrels per day.

The UAE cut production by 144,000 barrels per day in April 2023.

Russia has cut production by 471,000 barrels per day. Since the war in Ukraine dragged on, the Russian leadership has reduced oil exports.

Russia had earlier agreed to cut oil exports by 500,000 barrels per day.

Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed last November to cut production by a total of 2.2 million barrels per day. The main objective of this move is to keep the price of oil rising in the global market.