The United Arab Emirates will cut even more oil production in June, UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei announced this week. The production cuts, according to Al Mazrouei, will increase by another 100,000 bpd next month, after already reducing its oi production “in line with the OPEC+ agreement” in May. This comes after the OPEC member increased its production to more than 4 million bpd in April, when Saudi Arabia was also busy adding crude oil into the global supply glut at a time when the world was shutting down in response to the coronavirus, crippling the demand for crude. Today’s news comes as Saudi Arabia, too, said it would cut beyond its promised cuts next month. Saudi Arabia has pledged as part of the OPEC agreement to cut its production to 8.5 million bpd, but said this week that it would […]