UAE’s ADNOC to cut Murban crude allocations for customers in March

The UAE has committed to achieve a reduction in crude oil output of 139,000 barrels of oil per day under the cooperation agreement concluded in Vienna last November. (Courtesy ADNOC)
Updated 30 January 2018

UAE’s ADNOC to cut Murban crude allocations for customers in March

DUBAI: Customers of Abu Dhabi National Oil Company (ADNOC) have to contend with lower Murban crude allocations after the state giant announced a 25 percent cut in supply for March.
The reduction was in line with “the UAE’s continued commitment to the OPEC and non-OPEC ‘Declaration of Cooperation,’” the country’s energy minister Suhail Mohamed Al-Mazrouei confirmed in a Twitter message.
Murban crude is the main onshore grade for ADNOC, while its offshore grades include Das crude – a newly introduced high quality crude blend from the Umm Shaif and Lower Zakum oilfields – and Upper Zakum.
“In March, ADNOC will reduce its Murban crude allocation by 25 percent. Customers have been notified accordingly by ADNOC,” Al-Mazrouei tweeted.
OPEC and non-OPEC producers led by Russia last November agreed to maintain production cutbacks until the end of 2018 to clear up the glut in global supply and balance the market while propping oil market prices.

The UAE has committed to achieve a reduction in crude oil output of 139,000 barrels of oil per day under the cooperation agreement concluded in Vienna last November during the OPEC’s annual gathering.
UAE is the 12th largest oil producer in the world with an average output of 3 million barrels per day.


France ready to take Trump’s tariff threat to WTO

Updated 08 December 2019

France ready to take Trump’s tariff threat to WTO

  • Macron government will discuss a global digital tax with Washington at the OECD, says finance minister

PARIS: France is ready to go to the World Trade Organization to challenge US President Donald Trump’s threat to put tariffs on French goods in a row over a French tax on internet companies, its finance minister said on Sunday.

“We are ready to take this to an international court, notably the WTO, because the national tax on digital companies touches US companies in the same way as EU or French companies or Chinese. It is not discriminatory,” Finance Minister Bruno Le Maire told France 3 television. Paris has long complained about US digital companies not paying enough tax on revenues earned in France.

In July, the French government decided to apply a 3 percent levy on revenue from digital services earned in France by firms with more than €25 million in French revenue and €750 million ($845 million) worldwide. It is due to kick in retroactively from the start of 2019.

Washington is threatening to retaliate with heavy duties on imports of French cheeses and luxury handbags, but France and the EU say they are ready to retaliate in turn if Trump carries out the threat. Le Maire said France was willing to discuss a global digital tax with the US at the Organization for Economic Cooperation and Development (OECD), but that such a tax could not be optional for internet companies.

“If there is agreement at the OECD, all the better, then we will finally have a global digital tax. If there is no agreement at OECD level, we will restart talks at EU level,” Le Maire said.

He added that new EU Commissioner for Economy Paolo Gentiloni had already proposed to restart such talks.

France pushed ahead with its digital tax after EU member states, under the previous executive European Commission, failed to agree on a levy valid across the bloc after opposition from Ireland, Denmark, Sweden and Finland.

The new European Commission assumed office on Dec. 1.