UAE to cut oil output by 144,000 bpd from May through year-end

"This voluntary initiative is a precautionary measure taken to ensure market balance and comes in alignment with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM), held on 5th October 2022," the minister said in a statement.

OPEC+ is scheduled to hold the Meeting of the Joint Ministerial Monitoring Committee (JMMC), on Monday via videoconferencing.