The UAE produced around 2.60m bpd of crude in December and November, down marginally from around 2.62m bpd in October. But the UAE has enough customers to take all its current production and sees no pressing need to follow the Saudi cut.

“At the moment we are just producing the way we are… We are monitoring the market all the time, and right now the market is capable of taking all we produce,” Mohammed Al-Hamli, the UAE oil minister, told journalists when asked if he saw the need to cut output. “The market is well balanced… Well maybe it’s a little bit over supplied, but generally it is well supplied,” he said.