State-owned Abu Dhabi National Oil Co. has cut its allocations for December-loading crude oil by 5%-15% for the majority of its customers, the company said Thursday.
ADNOC cut the allocation of Murban crude for loading in December by 15%, while allocations for December-loading Das Blend and Upper Zakum were cut by 10% and 5%, respectively, they said.
The cuts form part of the UAE's commitment under OPEC's November 30, 2016, deal to reduce production by 139,000 b/d from October levels last year. That amounts to a quota of 2.874 million b/d.
The UAE produced 2.89 million b/d in September, and averaged the same amount from January to September, according to the latest S&P Global Platts OPEC production survey.
OPEC members and 10 non-OPEC producers led by Russia have committed to cut a combined 1.8 million b/d from the market to lower record high crude oil inventories. The initial six-month deal was extended in May to March 2018.
