Adnoc to deepen cuts of crude supply

27 July 2010

Abu Dhabi National Oil Co (Adnoc) has said it will deepen the cut of Murban and Lower Zakum crude supply to 20% below contracted volumes in September, compared a 10% reduction in August, Reuters has reported. However, the company will raise the supply of Umm Shaif and Upper Zakum crudes to 10% below contracted volumes in September, compared with a 20% cut in August. Murban was depressed in the spot market recently due to oversupply, with September-loading cargoes valued at a discount between 20 and 30 cents a barrel to Adnoc, according to traders.

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