The Abu Dhabi National Oil Company (Adnoc) has reportedly stated it has reduced its crude oil allocations to customers for February, as part of the UAE’s commitment to the Opec-non-Opec supply cut deal.

Adnoc said crude oil supplies were cut by 20 per cent for Murban and Das grades and 10 per cent for the Upper Zakum grade.

The UAE state-owned oil major had sought feedback from its Asian customers earlier this month on whether it should change its monthly pricing mechanism as part of an ongoing price review, according to a Reuters report.

Adnoc had asked buyers to vote by 12 December whether it should maintain its existing retroactive pricing system or change to forward pricing, they said.

A change to forward pricing align Abu Dhabi crude prices with other Middle East producers such as Saudi Arabia, and make it easier for buyers to calculate refining costs and profits.