UAE EnergyMin: Will take additional voluntary oil output cut of 100,000 bpd in June

The United Arab Emirates will lower its oil output by an additional 100,000 barrels per day (bpd) on top of agreed OPEC+ cuts in June, the country's energy minister Suhail al-Mazrouei announced on Monday.

Earlier in the day, Saudi Arabia's energy ministry said that they will be cutting their crude oil output by one million bpd in June.

Market reaction

The barrel of West Texas Intermediate (WTI) continues to trade near the $26 handle with small daily losses after this development.