Exports of three grades will be cut by 10 per cent
State-owned Abu Dhabi National Oil Company (ADNOC) has announced that it is going to cut shipments of three of its main export grades by 10 per cent in October.
In a statement, UAE Minister Of Energy Suhail Mohammed Faraj al-Mazroui said that ADNOC was cutting 10 per cent from its Murban, Das and Upper Zakum Term agreements and that its customers have been informed.
ADNOC has announced monthly nomination cuts throughout 2017 in support of the UAEs OPEC commitment to reduce its oil production, Mazroui said.
The latest announcement from ADNOC comes amid increasing concerns about the collapse of an OPEC-orchestrated deal to cut production that was designed to prop up global crude prices.
Over recent months compliance has been slipping amongst the 21 nations that signed up to the agreement to reduce production.
Earlier this month, figures published by OPEC showed that compliance with agreed production cuts was below 90 per cent for a second month in a row.
In July, the UAE was amongst the countries that failed to hit their cut target.
Saudi Arabia, Iraq, Algeria and Qatar also failed to hit their targets.
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