UAE’s government-owned Abu Dhabi National Oil Company (ADNOC) has advised its customers with contracts for the supply of Murban crude oil of a 25 percent cut in allocations for March.
Minister of Energy and Industry Suhail Al-Mazrouei in a Twitter message said the reduction was “in line with the UAE’s continued commitment to the OPEC and non-OPEC Declaration of Cooperation.”
In line with the UAE’s continued commitment to the OPEC & non OPEC ‘Declaration of Cooperation’, ADNOC has announced its March 2018 crude oil nomination cut.
— سهيل المزروعي (@HESuhail) January 30, 2018
In March, ADNOC will reduce its Murban crude oil allocation by 25%. Customers have been notified accordingly by ADNOC.
Under OPEC and non-OPEC Declaration, major crude oil exporters have pledged to reduce production to help rebalance global oil markets and shore up the prices.
The UAE has committed a reduction in oil output of 139,000 barrels per day.
According to Kuwait’s Oil Minister Bakheet Al-Rashidi, the compliance level by all members of the output deal was 125 percent in December.
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