Mubasher: The UAE has cut its crude oil production to 2.533 million barrels per day (bpd) by the end of September 2020, compared to 3.094 million bpd in 2019, according to OPEC’s monthly oil market report.
On a monthly basis, the UAE’s crude oil supplies declined by 8.7% in September from 2.773 million bpd in August.
The report referred that OPEC’s total crude oil output went down by 0.05 million bpd month-on-month (MoM) to 24.11 million bpd in September 2020.
OPEC confirmed that crude oil production decreased primarily in the UAE during September.
Moreover, the report referred that the UAE’s Purchasing Managers’ Index (PMI) for the non-oil sector registered its highest levels since October 2019 despite the coronavirus (COVID-19) restrictions.
In September, the country’s PMI for the non-oil sector rose to 51.0 from 49.4 in August, driven by a rebound in the world’s oil demand amid the easing of COVID-19 restrictions.
In its latest data, the Central Bank of the UAE (CBUAE) expected that the non-oil gross domestic product (GDP) would decline by 4.5% in 2020.
