UAE’s Oil Exports Hit 23-Month Low as OPEC+ Pressure Ramps Up
- Crude and condensate shipments lowest since October 2018
- OPEC member had pledged to make up for output quota breach
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The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge to OPEC+ to compensate for pumping too much crude previously.
Shipments of crude and condensate fell to 2.43 million barrels a day in September, a decline of almost half a million barrels a day on August and the lowest since October 2018. The drop, about 480,000 barrels a day, includes a sharp decline in the second half of the month, tanker tracking data compiled by Bloomberg show.