UAE’s ADNOC to cut October crude allocation by 10%

United Arab Emirates-based Abu Dhabi National Oil Company (ADNOC) will trim crude allocations by 10 percent in October, UAE energy minister Suhail Al Mazrouei said on his official Twitter account.

The oil giant will cut 10 percent from its Murban, Das, and Upper Zakum term agreements during the month, in line with the UAE’s OPEC commitments, the minister said.

“ADNOC has announced monthly nomination cuts throughout 2017 in support of the UAE’s OPEC commitment to reduce its oil production,” Mazrouei added.

The UAE, along with fellow OPEC and non-member oil producers, agreed in November last year to reduce crude output by 1.2 million barrels per day (mbd) for the first six months of 2017. The deal was aimed at restoring balance to the oil market and boosting crude prices, which have halved since mid-2014.

The group agreed in May this year to extend cuts for another nine months until March 2018 to tackle the ongoing glut. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com