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.
#OPEC #MOEI #UAE pic.twitter.com/vloS9P2Vmt
— وزارة الطاقةوالصناعة (@MOEIUAE) January 30, 2018
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.